The role of agriculture in economic development is significant from "summary" of Theory of Economic Growth by W. Arthur Lewis
The importance of agriculture in the process of economic development cannot be overstated. Agriculture not only provides food for the population but also serves as a key sector for generating income and employment opportunities. In many developing countries, a significant portion of the population is engaged in agriculture, making it a crucial driver of economic growth. Agriculture plays a vital role in the overall development of an economy by contributing to the growth of other sectors. The surplus generated from agriculture can be used to finance industrial expansion and infrastructure development, which are essential for sustained economic progress. Additionally, agriculture provides raw materials for industries, thus supporting the growth of manufacturing and other sectors. Furthermore, agriculture can serve as a source of foreign exchange earnings through the export of agricultural products. This can help countries diversify their economies and reduce their reliance on a few key export commodities. By promoting agricultural exports, countries can improve their balance of payments and strengthen their overall economic resilience. Moreover, agriculture can contribute to poverty reduction by providing opportunities for smallholder farmers to increase their incomes and improve their living standards. By investing in agricultural productivity and infrastructure, governments can support rural development and create a more inclusive economy that benefits all segments of the population.- The role of agriculture in economic development is significant and multifaceted. It not only provides food security and employment opportunities but also supports industrial growth, foreign exchange earnings, and poverty reduction. Therefore, policymakers should prioritize investments in agriculture to maximize its potential contribution to overall economic development.
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