Indian Economics
Palampur A Hypothetical Village’s Story Part 1
This is the first part of the article Palampur a hypothetical village’s story written by Mahi Singh
Note that the story is based in part on Gilbert Etienne’s research of a village in the Bulandshahr area of Western Uttar Pradesh.
Palampur Village
Palampur is a tiny village in the state of Rajasthan. There are approximately 450 families who live here. Raiganj, a large village, is 3 km away. The village is close to Shahpur, the nearest town.
Village Palampur’s Main Production Activities
In the village of Palampur, farming is the most important source of income. The majority of people rely on agriculture for a living.
Besides dairy, small-scale manufacturing (e.g., activities of weavers and potters), transportation, and other non-farming industries are carried out on a relatively small scale.
Production Factors (or Requirements for Production of Goods and Services)
The essential necessities for the production of goods and services, often known as factors of production, are land, labour, and capital.
Soil, water, wood, minerals, and other natural treasures are all included in land. Human effort, including both physical and mental labour, is referred to as labour. The third component of manufacturing is physical capital.
Fixed capital (tools, machinery, buildings, and so on) and raw materials (seeds for farmers, yarn for weavers, and so on) make up physical capital.
Thanks for reading. This is Mahi Singh, signing off!
