The service sector consists of the soft parts of the economy such as insurance, government, tourism, banking, retail, education, and social services. Currently service sector is contributing near about 60 % of Indian GDP. Service sector is also known as tertiary sector.
Five year plans are developed, executed and monitored by the NITI Ayog (Prime Minister is the ex-official Chairman). Till date 12 five year plans have been launched in India. The final approval to any five year plan is given by the National Development Council (NDC).
Cooperative marketing gives an idea of collective efforts to achieve specific objectives to carry out marketing strategy for agricultural products. The cooperative marketing arises due to the prevalence of many defects in the private and open marketing system. This concept was first introduced in the European countries.
Green Revolution in India resulted in increased productivity of different crops. The main instruments behind this increment were the use of high yielding variety seeds, chemical fertilizers and new technology which led to a sharp rise in agricultural productivity during the middle 1960s. The credit for this improvement goes to Nobel laureates Dr. Norman Borlaug and Dr. M.S. Swaminathan. This revolution increased the production of Wheat 2.5 times; Rice 3 times, Maize 3.5 times, Jowar 5 times and Bajra 5.5 times.
Government gives different types of subsidies to farmers like, fertilizer, irrigation, equipment, credit subsidy, seed subsidy, export subsidy etc. Current subsidy bill of the government stands at 2.57 lac cr. in 2015-16 which was 2.58 lac cr. in 2014-15.
The government has formulated a price policy for agricultural produce that aims at securing remunerative prices to farmers to encourage them to invest more in agricultural production. The government announces minimum support prices for major agricultural products every year on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
Rising flow of credit to agriculture is normally associated with buoyancy in the farming sector. In a bonanza for farmers, the government on March 2015 raised agriculture credit target from Rs 50,000 crore to Rs 8.5 lakh crore for 2015-16 fiscal and also announced financial support to enhance irrigation and soil health to achieve higher agriculture productivity.