Economic – agriinfo.in https://agriinfo.in Sun, 14 Apr 2019 13:11:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.1.1 Sources of public finance – Taxes (Direct & Indirect) https://agriinfo.in/sources-of-public-finance-taxes-direct-indirect-205/ https://agriinfo.in/sources-of-public-finance-taxes-direct-indirect-205/#respond Sat, 19 May 2018 17:10:30 +0000 http://agriinfo.in/index.php/2018/05/19/sources-of-public-finance-taxes-direct-indirect/ Sources of public finance – Taxes (Direct & Indirect) As discussed above functions of modern Governments are very important and extensive which require heavy expenditure. Govt. has to undertake important functions like defense (internal and external), Social welfare, education, health, industry, agriculture. For all of these a huge amount of funds is required. There are […]

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Sources of public finance – Taxes (Direct & Indirect)

As discussed above functions of modern Governments are very important and extensive which require heavy expenditure. Govt. has to undertake important functions like defense (internal and external), Social welfare, education, health, industry, agriculture. For all of these a huge amount of funds is required. There are four main sources from which this fund or income is obtained, they are.

  1. Taxes, direct & indirect.

  2. Process, earnings of state’s commercial and industrial undertaking.

  3. Fees and assessments.

  4. Loans

Similarly Govt. can raise funds through fines, penalties, gifts etc.
 
a) Taxes: It has been defined as a compulsory contribution of the wealth of a person or a body of persons for the services of the public powers.
Thus it implies:

i) Tax is compulsory payment.
ii) A particular tax is not a price for any particular service performed by the State (Govt.) One can not refuse to pay the tax on the ground that he does not use a service. Govt. does not promise to provide a specific in return for the payment of a particular tax.
Tax may be – i) Direct   ii) Indirect.

1) Direct tax: It is generally imposed on income. E.g. Income tax It is really paid by a person on whom it is legally imposed.
2) Indirect tax: The taxes on goods are indirect taxes. Indirect tax is imposed on one person but it is paid partly or wholly by another.

Suppose a tax is imposed on house owners. Being it is compulsory they have to pay it or in other words the impact of the tax on them. Here impact means burden. But owners will not pay it quietly, they will raise house rent charges and tenants have to bear it. But tenants will try to obtain this burden from their offices where they are working. If they get it the employer will increase the price of his product to recoup the burden. Thus, finally the weight of the tax or “incidence” falls on people.

Thus impact means burden which is shifted to another and who is bearing it finally is known a incidence Therefore Shifting starts with impacts and ends in incidence.

The direct tax is one whose impact and incidence are on the same person i.e. tax payer is also tax bearer.

In case of indirect tax, the impact and incidence are on different persons, i.e. there is shifting of tax.

Advantages of Direct taxes:

1) Equitable: Equality of sacrifice can be attained through progression.
2) Economical: Cost of collection is low as it is generally collected at source.
3) Certain: Both tax payer and authorities know how much tax is there. Hence the amount of revenue is certain.
4) Elastic: Suddenly tax can be increased and in emergency period funds can be increased eg. Death duties

Disadvantages to Direct tax:

1)  Inconvenient: It pinches the tax payer as a lum-sum amount is taken out of his pocket and hence it is inconvenient.
2) Evadable: The tax payer (assessee) can submit a false return of income and thus avoid the tax.
3) Arbitrary: If taxes are progressive, the rate of progression is arbitrary and if it is proportional. The poor person has to bear more tax. Thus, both are bad.
4) Disincentive: If taxes are too heavy, it will result in discourage saving and investment.

Advantages of Indirect taxes :

1) The poor can contribute: They are the only means of reaching the poor.
2) Convenient: It is convenient both, for tax payer and state. Tax payers do not feel much burden, as these taxes are paid in small amount and secondly when purchases are there tax payment will be there.
3) Broad based: These taxes are spread over wide range. Large number of population can be covered.
4) Easy collection: Automatically taxes collected easily.
5) Non-evadable: Means non avoidable.
6) Elastic: If imposed on necessaries it will yield huge amount.
7) Equitable: Irrespective of income group, tax is collected from all.
8) Check harmful consumption: The harmful commodities like tobacco drugs are heavily taxed to check the consumption.

Disadvantages of indirect tax:

1) Regressive: Rich & poor both have to pay a equal price and hence poor are more suffered than rich.
2) Uncertain: These taxes are collected in the form of prices of the commodity. If that commodity is not purchased tax amount will be reduced. Hence it is uncertain.
3) Uneconomical: For collecting the tax, large administrative staff is required.
4) Harmful to industry: If more taxation is there, the rise in prices will occur which result in less purchase and thus it is harmful to the industry involved in production.

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Advantages of Farm Budgeting https://agriinfo.in/advantages-of-farm-budgeting-233/ https://agriinfo.in/advantages-of-farm-budgeting-233/#respond Tue, 15 May 2018 00:14:47 +0000 http://agriinfo.in/index.php/2018/05/15/advantages-of-farm-budgeting/ Advantages of Farm Budgeting Advantages are as under It evaluates the old plan and guides the farmers to adopt a new farm plan with advantage. It makes the farmer conscious of the waste (leakage) in the farm business. It gives comparative study of receipts, expenses and net earnings on different farms in the same locality […]

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Advantages of Farm Budgeting

Advantages are as under

  • It evaluates the old plan and guides the farmers to adopt a new farm plan with advantage.

  • It makes the farmer conscious of the waste (leakage) in the farm business.

  • It gives comparative study of receipts, expenses and net earnings on different farms in the same locality and in different localities for formulating national agricultural policies.

  • It guides and encourages the most efficient and economical use of resources.

  • It serves as valuable basis for improvements in farm management practices.

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Natural Resources – Land Resources https://agriinfo.in/natural-resources-land-resources-210/ https://agriinfo.in/natural-resources-land-resources-210/#respond Fri, 11 May 2018 19:51:06 +0000 http://agriinfo.in/index.php/2018/05/11/natural-resources-land-resources/ Natural Resources – Land Resources The below given table describes the land utilization pattern in India for the year, 1987—88. The total geographical area of India is about 329 million hectares, but statistical information regarding land classification was available for only about 305 million hectares. This information is based partly on village papers and partly […]

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Natural Resources – Land Resources

The below given table describes the land utilization pattern in India for the year, 1987—88. The total geographical area of India is about 329 million hectares, but statistical information regarding land classification was available for only about 305 million hectares. This information is based partly on village papers and partly on estimates.

Table: Land utilization pattern in India (year 1987—88)

Sr. No

Particulars

Area in Million ha

% age

1

Total Geographical Area

329

100

2

Total Reporting Area

305

93

3

Barren land and land put under non agricultural uses

41

13

4

Area Under Forest

67

20

5

Permanent pastures & grazing land

12

4

6

Cultivable waste land

19

6

7

Fallow lands

30

9

8

Net area sown

136

41

9

Area sown more than once

37

12

10

Total cropped area

173

53

1) Barren Land: 41 million hectares (13%) of the total reporting area in India is classified as barren land. It includes mainly area under mountains, rivers and deserts. Similarly the area put under non agricultural uses viz, the land occupied by buildings, roads, railway, canal etc. In short, 13 % of the geographical area is never being available for cultivation. Perhaps this area may be increased in future due to increase in population and urbanization.

The rest of the land is put under three major uses i.e. forests, pastures and agriculture.

2) Area under forests:
As shown in table about 20% (67 million ha) of land is under forests. The area under forests, includes the forest area owned by state (by law) or by private agencies.

3) Pastures and grazing land:
About 34% area in total geographical area is occupied by pastures and grazing land. It includes permanent pastures and meadows (reserved grass land) and village common grazing land.

4) Cultivable Waste Land:
19 million hectares of land in our Country is coming under this category, Cultivable waste means lands which can be cultivated but actually it is not cultivated for many years. This land is under miscellaneous tree crops like casurina, bamboo, shrubs and bushes.

5) Fallow lands:
These are cultivable lands but remained uncultivated. Again fallow lands can be classified as current fallow and other fallow land. Current fallow means uncultivated land during a given year. But other fallow land refers to that land which is not cultivated for a period not less than one year and not more than five years. The reasons for keeping such lands fallow may be due to unremunerative nature of land, lack of capital etc.

6) Agriculture land:
Out of the total geographical area of 329 million hectares, net area sown is only 136 million hectares (i.e, 41%). Net area sown includes land under all agronomic crop a well as, horticultural crops (orchards) counted only once. Area Sown more than once represents the areas on which crops are grown more than once during the same year. Total cropped area represents total area cultivated covered by all the individual crops. In above table, the total cropped area is 173 million hectares and net area Sown is 136 million hectares and 37 million hectares of land sown more than once.

Hence,

Area sown more than once = Total cropped area – Net sown area.

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Nature and characteristics of Farm Management Science https://agriinfo.in/nature-and-characteristics-of-farm-management-science-219/ https://agriinfo.in/nature-and-characteristics-of-farm-management-science-219/#respond Tue, 08 May 2018 02:49:13 +0000 http://agriinfo.in/index.php/2018/05/08/nature-and-characteristics-of-farm-management-science/ Nature and characteristics of Farm Management Science The farm management science has many distinguishing characteristics from other fields of science. Some importance characteristics are as follow. 1) Practical Science: The acceptability of the facts of other physical and biological sciences are tested on the farm and determine whether those are economical and practicable on a […]

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Nature and characteristics of Farm Management Science

The farm management science has many distinguishing characteristics from other fields of science. Some importance characteristics are as follow.

1) Practical Science:
The acceptability of the facts of other physical and biological sciences are tested on the farm and determine whether those are economical and practicable on a given farm situation. Thus farm management is a practical science.

2) Profitability Oriented:
The main objective of farm management is to earn maximum profit and hence this science aims to have maximum economic efficiency rather than physical efficiency. Thus, farm management science is profit oriented.

3) Integrating Science:
While operating the farm, number of findings of other sciences is actually used. Thus, farm manager has to co-ordinate all the findings of other sciences.

4) Broader Field:
The farm management specialist required to have detail information from other Sciences. Hence for successful farming information of one or two sciences is not sufficient as this science is too much broader field.

5) Micro. approach:
Since this science is related to individual farm, it treats every farm unit unique in available resources. Each farm unit therefore has to be studied and planned individually.

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Importance of Public Finance https://agriinfo.in/importance-of-public-finance-204/ https://agriinfo.in/importance-of-public-finance-204/#respond Fri, 04 May 2018 12:09:36 +0000 http://agriinfo.in/index.php/2018/05/04/importance-of-public-finance/ Importance of Public Finance Every body realizes necessity of money. The importance of money is too much not only for individual but for state (Govt.) also. The state has to perform number of functions for which money (funds) is required. In under developed countries like India, Govt. is performing many important functions like education, industrial […]

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Importance of Public Finance

Every body realizes necessity of money. The importance of money is too much not only for individual but for state (Govt.) also. The state has to perform number of functions for which money (funds) is required. In under developed countries like India, Govt. is performing many important functions like education, industrial and agricultural developments but lack of funds is one of the constraints. For beginning of any function funds (finance) is must and in view of this the public finance nowadays has vital importance. Its importance can be easily understood from the functions of public finance. They are

1) Allocative Function: It refers to the process by which total resource use is divided between private and social goods by which the mix of social goods is chosen, this is done by the budgetary policy.

2) Distributive function: The budgetary policy also affects the distribution of income in the community. The tax and expenditure measures are adopted to modify the existing distribution with a view to reducing economic inequalities.

3) Stabilization function: The budgetary policy can also be used to maintain a high level employments reasonable degree of price level stability, an appropriate rate of economic growth and stability in the balance of payment.

Apart from these, public finance is important because it is an effective instrument of state control over the economy. The study of public finance is especially important for the under developed countries as management of state finances is essential to break the vicious circle of poverty.

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Standard of Living https://agriinfo.in/standard-of-living-182/ https://agriinfo.in/standard-of-living-182/#respond Mon, 30 Apr 2018 01:01:43 +0000 http://agriinfo.in/index.php/2018/04/30/standard-of-living/ Standard of Living Standard of Living refers to the necessaries, comforts and luxuries which a person is accustomed to enjoy. It can be defined as the mode of living. In other words, the standard of living of the people means the quantity and quality of their consumption. Factors determining standard of living: The factors affecting […]

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Standard of Living

Standard of Living refers to the necessaries, comforts and luxuries which a person is accustomed to enjoy.

It can be defined as the mode of living. In other words, the standard of living of the people means the quantity and quality of their consumption.

Factors determining standard of living:

The factors affecting the standard of living have been discussed below, in respect of country and individual separately.

A. Factors of which the standard of living in a country depends.

  1. Level of national income (output): The level of national income depends upon the total volume of production in the country. The countries having higher national income enjoy higher standard of living.

  2. Level of productivity: The national income depends upon the productivity of a person engaged in agriculture, industry, industry or any economic activity. Thus high productivity resulted in high national income and high standard of living. The advanced countries enjoy high standard of living because their productivity is high.

  3. Size of population: The per capita income can be estimated by the total national income and size of population. Thus if size of population is larger, the per capita income will be smaller and as such standard of living will be lower.

  4. Distribution of National Income: It the distribution of income is not equal, the standard of living will affect. National income which has been ill distributed resulted into wide disparity. Thought the per capita income is higher, Due to ill distribution of income few rich person only enjoy higher standard of living and the masses of people have to live with extremely low standard.

  5. Level of Education: Generally it is observed that educated people tend to have high standard of living on the contrary the illiterate people are reluctant to improve the living standard even though they are provided large income.

  6. General Price level: Different countries are having different price levels. The country having low price level can provide good standard of living to her people and vice-a versa.

  7. Terms of trade: The terms of trade can be measured by the taking the ratio of price level of its exports to the price level of its imports, thus only physical production is not sufficient to have higher standard of living, the terms of trade is also equally important in this regard. 

B. Factors determining individual standard of living:

Following are the important factors on which the standard of living of a person depends
1. Income          2. Size of family           3. Family tradition
4. Education    5. Social customer     6. General price level.

Causes of low standard of living in India:

1. Low national income
2. Large size of population
3. Religious traditions
4. Social and family obligations.
5. Under development Means economically under development in respect agriculture, industry etc. Hence total national income is low and hence low standard of living India is enjoying.

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Advance (Importance) Farm Records & Accounts https://agriinfo.in/advance-importance-farm-records-accounts-236/ https://agriinfo.in/advance-importance-farm-records-accounts-236/#respond Wed, 25 Apr 2018 08:50:59 +0000 http://agriinfo.in/index.php/2018/04/25/advance-importance-farm-records-accounts/ Advance (Importance) Farm Records & Accounts Farm records and accounts are very important as they are advantageous as described below. 1) Moans to higher income: To obtain higher income, farmers must have exact knowledge about present & potential gross income and operating costs. The best way to obtain information on present results is to keep […]

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Advance (Importance) Farm Records & Accounts

Farm records and accounts are very important as they are advantageous as described below.

1) Moans to higher income:

To obtain higher income, farmers must have exact knowledge about present & potential gross income and operating costs. The best way to obtain information on present results is to keep records and accounts in order to –

  1. Know financial status at a point of time.

  2. Know gains and losses over time.

  3. Know better source of income and items of costs.

  4. Keep a check on unproductive expenditure.

  5. Examine comparative profitability & costs involved or different enterprises

  6. Weak points farm organization.

  7. Develop rational short term and long-term production plans.

2) Basis for diagnosis and planning:
Diagnosis of management problems is the pro requisite of sound planning. Records and accounts provide the basic information needed for as such as diagnosis.

3) Way to improve managerial ability of the farmer:
It helps to acquire business habits which can help in taking advantage of changes in the economic environment. The farmer gets a better insight into the working of his business, which helps in finding out the defects which can be set right by exercising bettor control and effecting economies. Farmer can avoid mistakes and losses which would otherwise result to dependence only on his memory for guidance.

4) Basic for credit acquisition:
Properly kept records and accounts are authentic records with the help of which the lending agencies can sanction the loans easily.

5) Basic for Research in Agril Economics:
Research requires precise and correct data which is possible only if proper records and accounts are maintained on the farms included in the study.

6) Basic for Govt. Policies:
The farmers need to continuously feed the facts for state and national farm policies such as land policies price policies and crop insurance. Records and accounts are helpful in obtaining the correct data for examining and developing such policies to be sounds.

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Income, Savings and Investment https://agriinfo.in/income-savings-and-investment-178/ https://agriinfo.in/income-savings-and-investment-178/#respond Wed, 28 Mar 2018 03:39:43 +0000 http://agriinfo.in/index.php/2018/03/28/income-savings-and-investment/ Income, Savings and Investment Income: What wealth yields called income. Income is possible if wealth is there. Hence wealth is pre-requisite for income. Income may be money income and real income. When income expressed it terms of money, called money income. But real income refers to goods and services that a person purchases with his […]

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Income, Savings and Investment

Income: What wealth yields called income. Income is possible if wealth is there. Hence wealth is pre-requisite for income. Income may be money income and real income. When income expressed it terms of money, called money income. But real income refers to goods and services that a person purchases with his money income. Real income depends upon prices. Real income is inversely related with prices.

Savings: Saving refers to the excess of income over consumption. A person consumes some part of his current income and after it whatever income remains in his hands it is called saving.

Investment: Investment means an addition made to the physical stock of capital i.e. amount utilized for constructing building, dam, new factory etc.

I = Investment, Y = Income, S = Savings, C = consumption

1. Y = C + C         2.  S = Y-C      3.  C = Y – S

4.  Y = C + I , Provided S = I

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Basic Economic Terms and Concepts https://agriinfo.in/basic-economic-terms-and-concepts-174/ https://agriinfo.in/basic-economic-terms-and-concepts-174/#respond Tue, 20 Mar 2018 04:49:10 +0000 http://agriinfo.in/index.php/2018/03/20/basic-economic-terms-and-concepts/ Basic Economic Terms and Concepts Many terms are used in ordinary speech are also used in economics but they are used in a different sense. Therefore it is essential to explain those terms not only for clear thinking but also for correct understanding of the language used in books on Economics. Following some terms which […]

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Basic Economic Terms and Concepts

Many terms are used in ordinary speech are also used in economics but they are used in a different sense. Therefore it is essential to explain those terms not only for clear thinking but also for correct understanding of the language used in books on Economics. Following some terms which are frequently use in economics have been explained in what sense they are used in Economics.

Goods: Any thing that can satisfy a human want is called a ”good" in economics. Goods may be commodity or services; they satisfy human wants which are the starting point of all economic activity.

Kinds of Goods: The classification of goods cans be done in different ways as discussed below.

1) Economic goods and Free Goods:

Free goods are those goods that exist in such plenty that can be used as much as we like. They are gift of nature and used without payment e.g. Air, sunshine etc. with out payment e.g. Air, sunshine etc

The economic goods, on the other hand, are scarce and can be had only on payment. They are limited and generally man made and hence those can be available only on payment. In Economics, we are concerned with economic goods. Economic goods mean wealth. Thus there would have been no science of economics if all goods had been free goods. The distinction between free goods and economic roods, of course is not permanent, for instance air is free goods but when we receive it under fan it is economic goods.

2) Consumption Goods and Capital Goods:

Consumption goods are those which yield, satisfaction directly. They are used by consumer directly to satisfy the wants e.g. food, clothing, etc. (First order goods).

Capital goods are these goods which help us to produce other goods e.g. machinery, tools etc. They are also termed as second order goods. Similarly some goods especially raw materials are called as intermediate goods. For instance machinery fixed in factory is capital gods but the cotton used as raw material is intermediate goods. Thus, the consumption goods are also referred as consumer’s good while capital goods and intermediate goods are termed as producers goods.

3) Material Goods and Non – material Goods:

Material good are concrete in nature e.g. building, furniture, books etc.

While different services a human being is using called non material services. E.g. services of teachers, Doctor, advocate etc.

4) Transferable and Non Transferable Goods:

Most of the material goods can be transferable. Here transferable means change in ownership e.g. land, vehicle etc.

On the contrary non-transferable goods referred to personal qualities like skill, intelligence etc. which never be transferred.

5) Personal and Impersonal Goods:

Personal goods refer to personal qualities of a person and they are non material and exist inside him e.g. skill, intelligence etc. They are also called as internal goods.

The impersonal goods are generally material goods and not personal goods. For example land furniture, vehicle etc. They are external and lie outside and hence they are also called external goods.

In short, personal goods indicate “what he is” and impersonal goods” What he has”

6) Private Goods and Public Goods:

Private goods refer to individual property e.g. Building land, vehicle etc. which are possessed by an individual.

The public goods like railway, roads, dams etc. are owned by society. They are common to all and owned by society collectively.

7) Necessaries, Comforts and Luxuries:

Goods can be classified as

Necessaries – like food, cloth, shelter, etc.

Comfort- table, electricity and

Luxuries – Air Condition, vehicle, T.V., Gold & Silver, Jewellery etc.

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Natural Resources and Economic Development https://agriinfo.in/natural-resources-and-economic-development-208/ https://agriinfo.in/natural-resources-and-economic-development-208/#respond Tue, 13 Mar 2018 10:49:20 +0000 http://agriinfo.in/index.php/2018/03/13/natural-resources-and-economic-development/ Natural Resources and Economic Development “Natural resources determine the course of development and constitute the challenge which may not be accepted by the human mind.”- E. Arthur Lewis. Natural Resources in the Process of Economic Development: The process of economic development involves the growth of national output. To achieve an expansion of national output, it […]

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Natural Resources and Economic Development

“Natural resources determine the course of development and constitute the challenge which may not be accepted by the human mind.”- E. Arthur Lewis.

Natural Resources in the Process of Economic Development:

The process of economic development involves the growth of national output. To achieve an expansion of national output, it is essential to combine natural resources, human resources and capital. (i.e. Land, Labour & Capital). Therefore, to facilitate the process of economic development the existence of favorable natural resources is must. Otherwise it will retard the process of development. However, natural resources only are not sufficient for development but it requires following aspects also.

  1. A location of country

  2. Accessibility (availability) to raw materials and markets in other countries.

  3. The present state of knowledge

  4. Growth of technology

  5. Attitudes of the people towards material things, saving and investment.

Natural Resources Include Following:

1)  Land    2)   Water resource    3)   Marine resource   4) Fisheries
5)  Mineral resource   6) Forests   7) Climate, rainfall and topography

The above natural resources, of course, can be classified on the basis of following criteria.

A) Renewable and Exhaustible Resources:
Some resources like cultivable land, water, fisheries, forest etc are renewable while some resources like minerals, mineral oil are exhaustible.  Therefore in the process of development the renewable resources should have to maintain carefully.

Similarly the exhaustible resources have to be used economically as those can be used only once.

B) Know and Unknown Resources:

Many resources we are using in the process of economic development are known for example topography, size of land, forests, climate etc. These resources are known because the people of the country possess knowledge about them. Sometimes the discovery of the use of a resource can immediately increase its use-value e.g. Monazite sand on the beaches of Kerala & Tamil-Nadu had been knowing for several decades, but recent advance in science of nuclear energy have made these resources most valuable and they are now called as “rare earths” But still number of resources which human being is not knowing called “Undiscovered Resources” are there. These can be used in the process of economic development but it is necessary to develop techniques. These can be alternatively in development process.

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