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International Journal of Research in Management

Vol. 5, Issue 2, Part C (2023)

An analysis of the role of India's industrial and agricultural sectors in economic growth: Special focus on Bihar economy

Author(s):

Dr. Sandeep Kumar Sourav

Abstract:

Both industry and agriculture are regarded as essential pillars of a developing nation such as India's economy. Industry and agribusiness play crucial roles in an economy's reasonable financial development. India's GDP is made up of 14.6% and 28.6%, respectively, from farming and industry, although their importance to the country's monetary, social, and political system exceeds this percentage. Both sectors hold the key to the overall growth of the economy through generating jobs, paying salaries, ensuring food security and independence, supplying tools and equipment to other sectors, and generating cash from uncharted trade. With a focus on Gross Domestic Product (GDP), Per-capita Gross National Income (PcGNI), Gross Domestic Savings (GDS), Gross Domestic Capital Formation (GDCF), and Production of both agribusiness and mechanical area, the current investigation aims to examine the contribution of both farming and modern area to the Indian economy. GDP and PcGNI are used in this work as separate intermediaries of monetary development and financial improvement. The supplementary data used for the entire analysis is obtained from the Reserve Bank of India's Handbook of Statistics on Indian Economy. Nonetheless, the results show that, notwithstanding industry's influence on India's monetary development during the study period, agriculture has shown a much stronger beneficial impact on the financial turn of events. According to the analysis, agriculture forms the basis of both industry and the economy. Industry and agribusiness are like the two hands that hold up the Indian economy without them, it cannot be sustained or worked. Therefore, it is essential for a developing country to give importance to both farming and industry, particularly in the early stages of a financial turn of events. Since the two regions are fairly comparable for one another, they should both be taken into consideration. Rather than looking at industry vs agriculture, the issue could be addressed by looking at industry and agriculture together.

Pages: 250-253  |  106 Views  42 Downloads


International Journal of Research in Management
How to cite this article:
Dr. Sandeep Kumar Sourav. An analysis of the role of India's industrial and agricultural sectors in economic growth: Special focus on Bihar economy. Int. J. Res. Manage. 2023;5(2):250-253. DOI: 10.33545/26648792.2023.v5.i2c.157
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