why is agriculuture important indian econony
Answers
Explanation:
- Agriculture is an important sector of Indian economy as it contributes about 17% to the total GDP and provides employment to over 60% of the population. Indian agriculture has registered impressive growth over last few decades. ... Also, the agricultural marketing sector is characterized by fragmented supply chain.
Answer:Throughout the history we have seen how economic recession has profound effect on the lives of people and on society. People lose their job, there is a decline in business activities, stock markets fall, housing market lose its charm and people become more cautious about their spending. The 2008 subprime mortgage crisis which led to market crash around the world stands as a reminder that downturn in economy is one of the toughest times to deal with.
In this article we will see what is economic recession and its effect on Indian economy.
Explanation:
Economic recession is a phase where there is severe contraction in economic activities. Most economists agree that if economy shrinks for two consecutive quarters, then economy is considered to be under recession.
According to National Bureau of Economic Research (NBER), “economic recession is significant decline in the economic activity spread across the country, lasting more than few months normally visible in real GDP, impacting growth in real personal income, employment, industrial production, wholesale and retail sales”.
From above definition it is explicitly understood that when economic recession takes over the economy, entire economy is under severe stress. All desirable economic conditions like high employment, high growth, stability in currency rate etc increasingly become challenging under economic recession.
Explanation: