Question

‘India’s economic progress can be witnessed in expansion and diversification of production
both in industry and agriculture.’Justify the statement .

Answer 1

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India’s economic progress can be witnessed in expansion and diversification of productionboth in industry and agriculture.’Justify the statement.

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In the agricultural context, diversification can be regarded as the re-allocation of some of a farm's productive resources, such as land, capital, farm equipment and labour to other products and, particularly in richer countries, to non-farming activities such as restaurants and shops. Factors leading to decisions to diversify are many, but include: reducing risk, responding to changing consumer demands or changing government policy, responding to external shocks and, more recently, as a consequence of climate change.