Why is the fertilizer industry a promising industry of India
Answers
Answer:
Explanation:
Indian Agriculture is one of the most important sector in the economy of the country. Agriculture in itself contributes more than 18.5 percent of the Gross Domestic Product of the country and around 60 percent people of India are dependent on this sector.
As per IFA (International Fertilizer Association), the world demand for urea is expected to grow by 123 LMT from a total quantum of 1313 LMT during 2006 to 1436 LMT during 2010. As against this, the total supply is expected to increase by 298 LMT from a total quantum of 1344 LMT during 2006 to 1641 LMT during 2010. Table below present the world supply demand balance of urea during 2006 to 2010.
India is primarily an agriculture based economy. The agricultural sector and its other associated spheres provide employment to a large section of the country’s population and contribute about 25% to the GDP.