● Nationalization of Banks–On 19 July, 1969.
● ‘Agriculture Price Commission’—Implemented in 1965.
● Meaning of Economics—Law of House hold Management and formed by two words– Oikas = Home and Nomos = Law; Whereas the meaning of Agricultural Economics – is the management of eco-management in agriculture. ●
Famous Economist ‘Marshall’ defined ‘Principles of Economics’ in book Economics Subject is the physical welfare of man; while ‘Robbins’ has defined the economics in his words – Economics is the Science, that deals with the behaviour of human, under limited resources, their optional or alternative uses are possible and is related to targets.
● Wants—The desire, ability to complete it and has quickness or of its uses (i.e., Wants = Desire + Resources + Quickness)
● Seeds, Fertilizers / Manures, irrigation water, labour etc. are the working capital or cost whereas, buildings, machinery etc. on a farm are considered in fixed – cost / capital.
● Agriculture Cost and Price Commission (ACPC) was constituted in 1965, and the Indian Food Corporation (IFC) was also setup in 1965.
● In U.P., the work on ‘Zamindari Reform’ was started on July 1, 1952.
● All India Rural Credit Survey Committee was constituted in 1951 by Reserve Bank of India.
● In India, the climax Institute of Co-operative Marketing System is National Co-operative Marketing Federation.
● The Head Quarter of World Bank is Washington–D.C.
● As per Agricultural Census (1990-91),
(i) Marginal Holdings (less than 1 ha) with an average of 0·40 ha;
(ii) Small Holdings (1 to 4 ha)-av. 1·98 ha;
(iii) Medium Holdings (4 to 10 ha)-av. 5·88 ha,
(iv) Large Holdings (above 10 ha)–av. 17·16 ha and Total average 1·57 ha; while in Gujarat, the av. holding was 2·93 ha and in Kerala-0·33 ha.
#The States, those were found below the National Average holdings—H.P., Bihar, Assam, Tamil Nadu, West Bengal, U.P., J & K and Kerala; and above national average holdings–Rajasthan, Maharashtra, Gujarat, M.P., Haryana, Punjab, Karnataka and Andhra Pradesh.
● In 1994, the per family holding in India was 4·5 acre, whereas it was 7·5 in Punjab, 7 in Rajasthan and Gujarat, 6·5 in M.P., 6·3 in Maharashtra and 0·9 acre in Kerala.
● Presently, the average land holding of marginal farmer is 1·3 acre; Small–3·8, Medium–7·5 and large farmer–21·8 acres.
● In the country, National Pulse Technology Development Project was started in 1990, that has spread over a large area, comprising in 304 districts of the country with 75 : 25 (Central : State share) expenditure.
● National Agricultural Science Museum of NARC (ICAR)—Inaugurated by Dr. A.P.J. Abdul Kalam, the President of India—On Nov., 3, 2004, at New Delhi.
● In World, the rank of India is as; — Tea, Jute, Mango, Cashew, Banana, sesamum (Til), Milk and Cattle population—
I Rank — Groundnut, Castor, Arable land, Rice, Rapeseed, Fruits and Goat population
II rank — Cereals, Cotton and Coconut
III rank — Coarse grain and Tractor
IV rank — Whereas, in irrigation potential, India’s rank is first (highest).
● India’s share in world market of spices is about 18%.
● The maximum area under pulses in the world is in India.
● The Government of India declares each year and fixes the minimum support price (MSP) of 24 major crops, looking to the welfare and need of self-sufficiency of farmers; like; rice, wheat, jowar, bajra, maize, ragi, oilseeds, coconut, cotton, jute, sugar and tobacco.
● During the crop year 2004-05, the minimum support price (MSP) of wheat is fixed Rs. 640 and of gram Rs. 1425 and Rs. 1700 per quintal of mustard.
● ‘NABARD’ (National Bank of Agricultural and Rural Development)—‘NABARD’ was established on 12 July, 1982, having the main objectives—to support and improving the ‘Agriculture and Rural Development’. Ist Chairman—was M. Ram Krishnayya
● Law of Diminishing Returns / or Law of Diminishing Marginal Returns—The in
crease in any crop produced by a unit increment of a deficient factor is proportional to the decrement of that factor from the maximum. / or in other words; As the amount of labour and capital on a unit land is increased, the increase in production, that is also called marginal increasing return, decreases continuously, compared to parallel rate.
● Opportunity Cost / or Principles of EquiMarginal Return—If each unit of labour, capital and land is used in such a way, so that maximum extra production (added or marginal return) is obtained, then maximum profit will be achieved.
● For successful management of any project, adopt ‘4M Programme’—M-Material, MMan power, M-Money and M-Marketing and M5-Monitoring. Meaning in One Sentence
● Diversified Farming—A farm on which no single product or source of income equals as much as 50% of the total receipt.
● Cost—Outlay of funds for product service, while, Fixed Cost—do not change as output changes.
● Variable Cost—Expenses of farming, that are involved in production, e.g. labour, fertilizer, seed etc. — cost on purchase of these inputs.
● Total Cost—Total variable cost plus total fixed cost, is called total cost.
● Input-Output Relationship—Working-out the relationship between various inputs of production (seed, fertilizer, labour etc.) and outputs (wheat, rice, milk, meat etc.)
● Base Year—In different types of statistical calculations, keeping the base of a certain year, the calculations of other years are done, is called base year.
● Short-Term Loan—The loan, which is taken for a period of 3 to 12 months, generally meant for the purchase of variable inputs.
● Face Value—Output / or account value of stock and share, on which value, the shares are issued, that is the face value of share.
● Fixed Capital—That part of capital, invested on the purchase of permanent resources (machinery, raw material, tools, buildings of factory etc.) of the production, is called fixed Capital.
● Economic Yield—Economically useful part of total dry matter production produced by a plant or crop in unit land area, e.g., tubers in potato, grain in wheat etc.
● Economic Efficiency (Water)—It is the ratio of actual income (net or gross income) obtained with operating irrigation system, compared with the income expected under ideal conditions.
● Subsidy—The capital (or sum) received from Government to the producers / or distributors for keeping the prices / costs on reduction or on fixed level.
● Overhead Cost—Those cost, that do not reduce or rise along with production in short period, but that remains even on no production e.g., rent of a factory, interest on old loans etc.
● Loan—The (loan) money borrowed from others by a person, company, Government or other Institutions.
● Agro-Based Industries—Those enterprises, wherein agricultural products are used.
● Long Term Loan—The loans, those are given for the period of 10 years or for long (more) duration.
● Secondary Market—The markets located in Tahsil head quarter (H. Q.) or in large towns are called secondary market.
● Subsistence farming—The system (management) of farming, wherein people grow crops only for their own purpose (consumption) but, not for sale in the market by producing extra foods.
● Fixed Cost—Some components of costs, those are not changed in a fixed time, (like land rent, while working-out the cost of cultivation of crops).
● Variable Cost—Those costs, which are varied in amount of out-put in a specified period, as per the changes.
● Budget—A details of estimated income and expenditure for any given future period.
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