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Agriculture in the Global Economy

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Agriculture is diverse and full of contradictions. The sector accounts for a comparatively small share of the global economy, but remains central to the lives of a great many people. In 2012, of the world's 7.1 billion people, an estimated 1.3 billion (19 percent) were directly engaged in farming, but agriculture (including the relatively small hunting/fishing and forestry sectors) represented just 2.8 percent of overall income (World Bank 2012). However, in today's middle- and low-income countries, where most of the world's farmers are to be found, agriculture accounts for a much greater share of national income and employment—for instance, in India, agriculture represents 18 percent of national income and 54 percent of employment.
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... The agricultural industry is the greatest contributor to food, income, and jobs globally. In India, the industry accounts for 18.0% of the country's GDP, and 53.3% of its workforce [1], comparable to other low-to middle-income countries. Over the last three years, the percentage of the country's total GDP contributed by agriculture's gross value added (GVA) has increased from 17.6% to 20.2% [2,3], supporting India's economic expansion. ...
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