Answer:

Source of Livelihood

Most people’s main source of livelihood is farming. About 70% of people rely directly on agriculture as a livelihood. The result of the non-development of non-agricultural activities to absorb the fast-growing population is this high percentage in agriculture. Furthermore, many people are not engaged in agriculture in developed countries.

Contribution to National revenue

Agriculture is the main source of national income for most developing countries. However, for developed countries, agriculture contributes a smaller percentage to their national income.

Supply of Food as well as Fodder

The agricultural sector provides fodder for domestic animals. The cow provides people with milk which is a form of protective food. Moreover, livestock also meets people’s food requirements.

Significance to the International Trade

Agricultural products like sugar, tea, rice, spices, tobacco, coffee, etc. constitute the major items of exports of countries that rely on agriculture. If there is a smooth development practice of agriculture, imports are reduced while export increases considerably. This helps to reduce countries’ unfavorable balance of payments as well as saving foreign exchange. This amount may be well used to import other essential inputs, machinery, raw material, and other infrastructure that is helpful for the support of the country’s economic development.