Skip to main content

Translate Your Page

banking terms

  ✍️ CRR Cash Reserve Ratio is the minimum fraction of total deposits of a bank’s customers that banks have to hold as reserves with the central bank. ✍️ SLR Statutory Liquidity Ratio is the ratio of liquid assets to the net demand and time liabilities. ✍️ LAF Liquid Adjustment Facility is a tool to allow banks to borrow money through repurchase agreements. It consists of repo and reverse repo operations. ✍️ MSF Marginal Standing Facility allows scheduled banks to borrow funds overnight from RBI against approved government securities. ✍️ MSS Market Stabilization Scheme is a monetary policy intervention by RBI to withdraw excess liquidity by selling government securities in the economy. ✍️ OMO Open Market Operations refers to the buying and selling of government securities in the open market so as to expand or contract the amount of money in the banking system. ✍️ REPO Repo...

Importance of Agriculture in Indian Economy

 Introduction: India is mainly an agricultural country. Agriculture is the most important occupation for most of the Indian families. In India, agriculture contributes about sixteen percent (16%) of total GDP and ten percent (10%) of total exports.

Over 60 % of India’s land area is arable making it the second largest country in terms of total arable land. Agricultural products of significant economic value includes rice, wheat, potato, tomato, onion, mangoes, sugar-cane, beans, cotton, etc.

Economic Growth: Agriculture is the backbone of Indian economy. Though, with the growth of other sectors, the overall share of agriculture on GDP of the country has decreased. Still, Agriculture continues to play a dominant part in the overall economic scenario of India.

Source of Food for domestic consumption: Food is essential for life. We depend on agricultural outputs for our food requirements. India produces large quantity of food grains such as millets, cereals, pulses, etc. A major portion of the food-stuffs produced is consumed within the country. Our farmers works day and night to feed our population that counts over 1.21 billion.

Besides agriculture with a commercial bias, subsistence agriculture with its emphasis on the production of food for the cultivator’s family is widespread. Traditionally, Agriculture is followed as the simplest method of obtaining food for the family. Agriculture in India is more a ‘way of life’ then a ‘mode of business’.

Export: India exports excess food and agricultural products. A large proportion of India’s export trade is based on the agricultural products, such as jute, tea, tobacco, coffee, spices, and sugar. It helps in increasing the foreign exchange. India is ranked seventh in terms of agricultural exports. In 2013, India exported agricultural products valuing around 39 billion dollars.

Basic occupation of millions: Agriculture is the basic occupation for majority of main-workers in India. A large number of rural women are also engaged in agriculture. According to 2001 census, over 56.6%  of the main workers in India are engaged in agricultural and allied activities.

Agro-based industries: A number of industries are agro-based industries, such as jute, cotton, sugar, tobacco, etc. Raw materials for such industries are supplied from agricultural produce.

Green revolution: Green revolution began in India with an objective to give greater emphasis on Agriculture. The era of Green revolution that began in 1960s witnessed significant increase in the production of food crops. The introduction of improved methods of agriculture and high yielding varieties (HYV) seeds, mainly wheat, had resulted into remarkable improvement in agricultural outputs. The productivity of land increased tremendously giving huge economic boost to the nation.

Related Post:




Comments

Popular Posts

Partnership: Meaning, Advantages and Disadvantages

Meaning of Partnership A partnership occurs when several people work together for a common aim. Partnership means engaging with one’s partner. A partnership usually involves two people, however, it can involve three or more. All of the people involved in the partnership are called ‘partners’. A partner is an associate. Working in partnership in business includes working together with other people to complete your business projects. A partnership can occur in various contexts. Business partnerships are common, for example. Usually, a business partner is a joint owner. These involve several business-people contributing financial resources and ideas for the good of a given business. However, romantic relationships can also be called partnerships. For instance, a spouse is a life partner. As you can see, then, partnerships can be formal or informal. They can be enshrined in law (like a business partnership) or they can be spontaneous or romantic. Working in partnership brings benefits ass...

GST (Goods & Services Tax) : Details & Benefits (In INDIA)

The present structure of Indirect Taxes is very complex in India. There are so many types of taxes that are levied by the Central and State Governments on Goods & Services. We have to pay ‘Entertainment Tax’ for watching a movie. We have to pay Value Added Tax (VAT) on purchasing goods & services. And there are Excise duties, Import Duties, Luxury Tax, Central Sales Tax, Service Tax.....😭😭😭😭😭😭😭😭😭 Intro It has been long pending issue to streamline all the different types of indirect taxes and implement a “single taxation” system. This system is called as GST ( GST is the abbreviated form of Goods & Services Tax). The main expectation from this system is to abolish all indirect taxes and only GST would be levied. As the name suggests, the GST will be levied both on Goods and Services. GST was first introduced during 2007-08 budget session. On 17th December 2014, the current Union Cabinet ministry approved the proposal for introduction GST Constitutional Amendment Bil...

Sangam Age - The Dawn of History in the Deep South

The Megalithic Background Megalith graves were encircled by big pieces of stones. They also contained pottery and iron objects buried with the corpse. They are found in the upland regions of Peninsula with concentration in Eastern Andhra Pradesh and Tamil Nadu State formation and rise of civilization The megalithic people started to reclaim the fertile deltaic lands. The route to the south is called as  Dakshinapatha which became economically important. Megasthenes knew about Pandyas while Ashokan inscriptions mention about Cholas, Pandyas, Keralaputras and Satyaputras Flourishing trade with Roman empire led to the formation of these three states i.e., Cheras, Cholas and Pandyas Sangam Period Sangam period is the period in the history of ancient Tamil Nadu spanning from c. 3 rd  century BC to c. 3 rd  century AD. It is named after the famous Sangam academies of poets and scholars centred in the city of Mad...