Impact of Banking Sector on Agricultural Development of India with particular reference to Maharashtra - Theoretical perspective.
Vivek V. Patil*
1) Introduction :-
Agriculture probably is the oldest profession for livelihood for major portion of the population in our country. Nature and type of farming , however, underwent conspicuous changes during the course of socio-economic transformation which has now attended technologically advanced condition.
Agriculture occupies a very strategic position in Indian economy as it contributes about fifty percent towards the share in net domestic product at National level. Yet the productivity in the country is low and there is wide spread poverty in the villages. The transformation of agriculture is based on application of modern science and technology obliviously because agriculture has been since past it's own distinguishing features , distinctly different from other professions.
Introduction of hybrid and high yielding variety is a significance landmark in the history of agricultural development in the country.
Experiences have shown that acceptance of technological innovation is a matter of money and for want of adequate financial resources and assistance placed at the disposal of farming community , acceptance of advocated technology would be next to the impossible. Under such circumstances India has accorded highest priority to agricultural sector in her development process , which can be very well understood from plan outlay and investment for agriculture development in the country.
The first rural credit survey indicated that in 1951-52 private money lenders were pre dominant source for credit supply and share of institutional agencies was hardly 7.5 percent of the borrowing in rural areas. By 1961-62 institutional agencies enlarged there share to about 19.7 percent which went on increasing significantly .
* Vivek Vilas Patil , Ph. D. scholar and faculty ( CHB ) ,
Smt. L. R. T. College Of...