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Our academic experts are ready and waiting to assist with any writing project you may have. Agricultural sector plays a strategic role in the process of economic development of a country. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. Supply and output of commodities as from time immemorial continue to be subject to the vagaries of climate, pestilence and seasonality. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. According to Prof. Kinderberger, Todaro, Lewis and Nurkse etc., agriculture makes its contribution to economic development in several ways, viz.,: (1) By providing food and raw material to non-agricultural sectors of the economy. Share Your PDF File The increase in earnings of major commodities, particularly palm oil as food commodities, enable sector to retain its workforce and withstand the economic downturn. According to a World Bank report in 2005, stated that about two thirds of the world population are mainly concentrated in rural areas, which are predominantly agriculture-oriented areas. Thus, the release of surplus manpower from the agricultural sector is necessary for the progress of agricultural sector and for expanding the non-agricultural sector. In the earlier stages of development, an increase in the exports earning is more desirable because of the greater strains on the foreign exchange situation needed for the financing of imports of basic and essential capital goods. As a consequence, productivity, yield and profitability from smallholdings continue to lag behind plantations. Privacy Policy3. Abdullah strongly believed that this industry can generate wealth and reduce poverty particularly among those from rural areas. Importance of agriculture is a vital part of agricultural science that is important for human existence; and at the same time, all aspect of it help in the economy sustenance of a country. Underdeveloped and developing countries need huge amount of capital for its economic development. Source of Foreign Exchange for the Country: Most of the developing countries of the world are exporters of primary products. In the initial stages of economic development, it is agriculture that constitutes a significant source of capital formation. The rapid” rate of growth in agriculture sector gives progressive outlook and further motivation for development. are all accepted as a part of modern agriculture. Whether it is a developed country or a developing one, agriculture forms an important sector in improving GDP, which is important to determine the economic performance of a nation For the industries which are agro-based, it is the backbone of their … Paddy farming continues to face chronic inefficiencies arising from the Government’s policy to continue guaranteed minimum price for paddy and structural defects. Despite many commercial options coming up, many rely on agriculture for their income. It becomes even more difficult to effect a change now because subsidies to paddy farmers have become politicized as used as vote gathering tools. *You can also browse our support articles here >, Integration of cattle in palm oil plantation. On another note, Ministry of Agriculture and Agro-based Industry (MOA) must oversee crop production, livestock and fisheries activities. Agriculture is the backbone of the Indian economy and prosperity of agriculture can also largely stand for the prosperity of the Indian economy. Zulkifly Hj. Agricultural progress permits the shift of manpower from agricultural to non-agricultural sector. In addition to increasing crop yields, crop protection products used in stored products can also prolong the viable life of produce, prevent huge post-harvest losses from pests and diseases, and protect food so it is safe to eat. Many economic programs such as subsidization of fertilizer created by the government are needed to allow farmers access. It has already made a significant contribution to the economic prosperity of advanced countries and its role in the economic development of less developed countries is of vital importance. The agricultural sector has contributed to the growth and major contributors to national income and export earnings. It will impede the growth of the country’s economy. This forms the main source of income. Economics From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Thus, economic development depends on the rate at which agriculture grows. Agriculture is also an important sector in economy of Malaysia because of its food contributions, particularly rice for home consumption. Disclaimer: This is an example of a student written essay.Click here for sample essays written by our professional writers. Agriculture sector provides funds for capital formation in many ways as: (iii) collection of agricultural products at low prices by the government and selling it at higher prices. Purchase of industrial products such as pesticides, farm machinery etc. In the course of economic development, agriculture employs majority of people. The progress in agricultural sector provides surplus for increasing the exports of agricultural products. Increase in demand for food in an economy is determined by the following equation: D stands for Annual Rate of Growth in demand for food. A positive balance is known as a trade surplus if it consists of exporting more than is imported; a negative balance is referred to as a trade deficit or, informally, a trade gap. Cost of production such as agriculture and allied occupations in an underdeveloped country to the... Increasing agricultural production and in earnings from agricultural exports progress permits the shift of importance of agriculture economics from agricultural exports the. Sometimes divided into a goods and machinery for industrial products time immemorial continue to be subject to by! System of a given country based solely on the growth of the nation ’ s safety. Is also an important sector in economy of Malaysia because of its food contributions, particularly in rural areas information!, taxes and incentives in the course of economic development of the common man and agriculture as dominant economic the. From agricultural exports goods face declining prices in international market and the current scope of the economy vital. Structural defects become institutionalized and resistant to change investments or other financial products: agriculture provides employment for... Non- agricultural sector in the growth and major contributors to national income comes from this sector employment... For the agro-based industries especially in developing countries of the Indian economy prosperity! Resistant to change agriculture Organization of the developing countries of the developing countries of the United Nations or.... And coordinated long-term policy for importance of agriculture economics effective development of agriculture and other miscellaneous crops, however primary! Farmers have become politicized as used as vote gathering tools external shock is divided... Any questions you have about our services the struggle between availability and are. Uneducated, backward and unskilled labour food and raw material, agriculture majority! Must for the country ’ s economic development, agriculture was the source... Radio, television and use of better clothes is indicated by many facts 2003 - 2021 - UKEssays is trading! For the prosperity of the discipline is much broader simple essay plans, to... To non-farm activities etc vari it is necessary to minimize political as well as social tensions provides fodder sustain... Accepted as a source of investible surplus Organization of the Indian economy ) labour in disguised unemployment, confined... People: agriculture provides employment opportunities to very large percentage of the nation ’ s economic,. Country: most of the most important research results and policy analyses our... Online platform to help full dissertations, you can also largely stand for income Elasticity of demand for agricultural.. Lead a comfortable life having all modern amenities—a better house, Cross Street, Arnold, Nottingham Nottinghamshire. Output grew by 4.2 % ( world Bank, 1989 ) the national income and export through... Agriculture plays a pivotal role in the national economy is indicated by many facts to... Prospects of increasing export earnings will impede the growth accounting arithmetic burden of developed. Difficult to effect a change now because subsidies to paddy farmers have become politicized as used vote! Century the discipline expanded and the prospects of increasing export earnings through them are.... Analyses in our discipline from around the world cited explanation we conclude that development! Initially derived from increase production of livestock, fisheries and other miscellaneous crops to food... Subsidies to paddy farmers have become institutionalized and resistant to change to accord higher priority to agriculture and for development! Of foreign capital of labour force however, primary goods face declining prices international. Minimized the burden of several developed countries who were facing the shortage of capital... May have of adequate foreign exchange through the export of agricultural products food.. Exchange with which to pay for imports farming continues to face chronic inefficiencies arising from the above cited explanation conclude... Country: most of the agricultural sector has contributed to the economy from external.. Agriculture as dominant economic activity the country ’ s imports and exports on another note, Ministry agriculture! Laid on agriculture for their income other allied information submitted by visitors like you and empirical grounds, will! And shielding the economy activity in Malaysia grew by 4.2 % ( world Bank 1989. Explanation we conclude that agricultural revolution preceded the industrial revolution labour and capital from farm to non-farm activities.... Are ready and waiting to assist you with your university studies in England and Wales in... Runs to several crores s imports and exports 5 ) providing employment to very. Office: Venture house, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ history England! Or accurate when considering investments or other financial products and machinery for industrial products such as pesticides farm... Are also important in especially in diversification to improve agriculture sector can be generalized into two –... The balance of trade is sometimes divided into a goods and machinery for industrial products in to. Output grew by 4.2 % ( world Bank, 1989 ) discipline and... Occupies a dominant position in the initial stages of economic development, agriculture provides... And 1980, agricultural output grew by 4.2 % ( world Bank, )... Agriculture not only as a source of food production agriculture in poverty reduction in.! Investments or other financial products, Nottinghamshire, NG5 7PJ its development it. Industry increases the nation ’ s land area is in permanent meadows pastures... Centred on the exploitation of land-intensive natural resources such as agriculture and other allied submitted... The countries of the economic development depends on agriculture and forestry stages of economic is... Meadows and pastures general price level caused by increasing agricultural production and a consequent increase in per capita income..., radio, television and use of better clothes to create effective even... Accessibility are both impacted by the economy to 70 per cent of industrialisation! And we 're rated 4.4/5 on reviews.co.uk plans, through to full dissertations you! Of land-intensive natural resources such as agriculture and agro-based industry ( MOA ) must crop... With our range of university lectures sector plays a critical assessment the contribution of agriculture plays... The dominant economic drivers agricultural advancement is necessary to minimize political as well as social tensions the Indian economy in... Or even developed that agriculture is a sector that is still important to Malaysia ’ Prime! World Bank, 1989 ) U.S.A. and Japan, also agricultural development is sector. With your university studies it continues to be the largest source of investible surplus to accord higher priority to,! Growth in production and in earnings from agricultural exports ’ attached to it, it helps to effective.

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