<P> In India, which has historically had a primarily agrarian economy, the services sector recently overtook the farm sector in terms of GDP contribution . However, the agriculture sector still contributes 17 - 20% of GDP and is the largest employer in the country, with about 60% of Indians dependent on it for employment and livelihood . About 49% of India's land is agricultural; that number rises to 55% if associated wetlands, dryland farming areas, etc., are included . Because more than half of these farmlands are rain - fed, the monsoon is critical to food sufficiency and quality of life . </P> <P> Despite progress in alternative forms of irrigation, agricultural dependence on the monsoon remains far from insignificant . Therefore, the agricultural calendar of India is governed by the monsoon . Any fluctuations in the time distribution, spatial distribution, or quantity of the monsoon rains may lead to floods or droughts, causing the agricultural sector to suffer . This has a cascading effect on the secondary economic sectors, the overall economy, food inflation, and therefore the general population's quality and cost of living . </P> <P> The economic significance of the monsoon is aptly described by Pranab Mukherjee's remark that the monsoon is the "real finance minister of India". A good monsoon results in better agricultural yields, which brings down prices of essential food commodities and reduces imports, thus reducing food inflation overall . Better rains also result in increased hydroelectric production . All of these factors have positive ripple effects throughout the economy of India . </P> <P> The down side however is that when monsoon rains are weak, crop production is low leading to higher food prices with limited supply . As a result, the Indian government is actively working with farmers and the nation's meteorological department to produce more drought resistant crops . </P>

Who said monsoon is india’s real finance minister