Economic Factors Affecting The Economy - 1459 Words

Economic factors The primary cause that evolves from most studies is `indebtedness’ (87%-93%). A farmer gets indebted when his/her return from the yield is not as much as he expected and he becomes unable to pay the loan, which he might have taken for productive purpose, social purpose or to meet his immediate consumption needs. Indebtedness is quite evident in most of the affected districts. In Kerala indebtedness is higher compared to national average due to availability of good informal and formal credit facilities, cash crop production and higher value of assets per households. Almost all the states which reports farmer suicide are drought prone (except Kerala) and if not, faced problem of deficient rainfall during the period of crisis causing crop failure (41%). The regions also lacked in irrigation facilities. Irrigation is an implicit cause of indebtedness, as many farmers take loan to dig well. A study of 50 deceased farmers in Warangal district shows that, well is the largest source of irrigation for about three-fourths of the farmers. Only about one-third of the wells were dug under the subsidy schemes of the government. In the rest of the cases farmers themselves have borne the expenses for the digging of the wells Dependence on rain fed agricultural also one of the reason for farmer suicide. Due to there is no water in that area the overall agriculture is dependent on the rain that falls in the area. So if the amount of rain happened is good and sufficientShow MoreRelatedFactors of Economic Development1163 Words   |  5 PagesFactors of economic development Economic development involves actions that are sustained and concerted by policy makers and the entire community. These actions lead to improved standards of living as well as the economic health within a specified area either in the local, regional or global environment. 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