AGRIBUSINESS IN INDIA
- agriculture for commercial purpose.
- Johnston and colleagues have defined agri-business as farming organisation applying modern management techniques and accounting methods with the aim of maximising final profit.
- applied differently in USA and Western Europe.
- In USA, agribusiness has grown as a result of increased involvement by food processing companies in the actual production of their own raw material inputs.
- Such companies have purchased farms and run them as subsidiary elements within their overall production system, while in Western Europe such integration of farm production with processing is less common.
- In Western Europe and also in some developing countries like India, agribusiness constitutes large farming companies independent of food processors.
- More specifically, that part of modern national economy devoted to production, processing, and distribution of food and fibre products and by-products falls under the category of Agribusiness.
Characteristics of Agribusiness
Agribusiness essentially has the following characteristics:
- Hierarchical system of management—financial administrators and accountants with farm managers to carry out day-to-day business
- Large farms
- Farming operations organized in sizeable production units
- An extension of the plantation system
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