Bangladesh is a country whose economy is dependent on agriculture. The country has aimed at accelerated economic growth, human resource development and self-reliance in the 21st century. To fulfill the mentioned target, a greater portion of people have to involve in agriculture in order to continue the food supply for a large population. Because this country has a bountiful fertile land which is suitable for crop diversification. The yield of every crop grown in these fertile land is increasing day by day which have a great role on the economy of this country.
Bangladesh is one of the predominantly agro-based developing countries in the world. The main sector of Bangladesh economy is agriculture since its independence. According to BBS, agriculture is not only contributing around 17 percent of the GDP but also providing employment to 45 percent workforce. Around 84 percent of the rural people have to depend directly or indirectly on agriculture for their livelihood. Moreover, the primary source of employment, livelihood and food security for most of the bucolic people is agriculture. It also contributes to earn foreign currency by supplying raw materials to the industry. It is blood for many agro-based economies like Bangladesh, although industrialization has a great effect on the modern economy.
Although the contribution of agriculture in GDP is decreasing day by day in Bangladesh, but the trend of the role of agriculture to non-agricultural development is going upward. It is still an irreplaceable driving force for the economic development of Bangladesh.
Agriculture has a great role for the generation of employment in this country. According to BBS, the highest number of people are involved in this sector which is about 47.33 percent.
It has found in the report of BBS that the total contribution of all sub-sectors of agriculture was around 16 percent of GDP in 2014-15. The crop sub-sector alone shares for 12.27 percent of GDP whereas the fisheries sector contributes about 3.69 percent.
The rate of rural wages is strongly correlated with the trend of agricultural development because a greater portion of income comes from wage labor in agricultural activities in the case of poor households.
The main crops grown in this country are rice, wheat, jute, maize, sugarcane, potato, pulses, tea and tobacco. The 72 percent of total population is contributing to the crop sub-sector. As a result, crop sub-sector dominates in agriculture sector. The rest of the population works in fisheries, livestock and forestry sub-sector which is 10.33, 10.11 and 7.33 respectively.
The government has taken many steps such as crop diversification program, credit supply, extension and research and input distribution policies which help to increase the yield. The country has now attained self-sufficiency in the area of food grain production.
The source of raw materials is agriculture for agro-based industries which acts as backward and forward linkage. A greater portion of the manufacturing sector except ready made garments also depends on the processing of agricultural commodities such as rice, wheat, jute, tea, sugarcane, hides and leather and shrimps. There are also some agro-based industries like jute industry which has to depend fully on agricultural products for their required inputs
Bangladesh has earned a reasonable amount of foreign currency every year by exporting agricultural products. According to Ministry of Finance, the amount was USD 1154.80 million which was 3.70 percent of total foreign earnings. The main agricultural export items of Bangladesh are raw jute and jute goods, tea and frozen foods. The export of non-traditional agricultural commodities are also increasing every day.
Historically, this sector has had the great share in the economy in Bangladesh. However, the importance of agriculture has fallen with the advancement of time whereas the importance is raised in the case of service sector. Yet, much of the services are still related to transportation and trading of agricultural products.
Agriculture plays a significant role in the overall economic performance of Bangladesh. This is not only in the case of its share to GDP but also as a major source of earning foreign currency. It is also providing employment to a greater portion of the population, especially the poor. As a result, the people of this country can earn money by working in this sector which helps to develop the country economically.
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