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The economy of Madhya Pradesh is dominated by agriculture, on which 80 percent of the state's population depends for their livelihood. The principal crops of the state are rice, wheat, rapeseed, mustard and soyabean. It leads the country in the production of pulses and accounts for one-fifth of the total production of pulses in the country. 75 percent of the national output of soyabeens are produced by Madhya Pradesh. Besides that the black soil of the Malwa region facilitates cotton cultivation.
The abundance of forests in the state also gives an impetus to the business and economy of Madhya Pradesh. The primary forest produce of Madhya Pradesh include teak, sal, high quality timber wood and tendu leaves, all of which have significant economic ramifications for the rural economy. The important minerals of the state are coal, iron ore, limestone manganese and bauxite. The Panna region of Madhya Pradesh is renowned for the production of diamonds.
The state has a number of textile mills and artificial silk manufacturing plants in Ujjain, Indore and Gwalior, and Bhilai Steel Plant is perhaps the most important industrial endeavour of this state. Furthermore, Indore is famous for the manufacturing of diesel engines, while Gwalior is the address of exquisite pottery and carpets. The major industrial sectors of Madhya Pradesh include beverages and soft-drink based industries, food processing based industries, forest industries, drugs and pharmaceuticals industries, agro-based industries, basic metal industries, chemical based industries and electrical engineering based industries.
Traditional village crafts also play an important role in the business and economy of Madhya Pradesh. Madhya Pradesh has deservedly attracted fame for its traditional village crafts, which are amply reflected in Chanderi sarees, leather and clay toys. The wood work and lacquer-ware of Madhya Pradesh are also nationally renowned.
However, though agriculture accounts for maximum employment in the state, it contributes only 25 percent to the state's GDP. Services sector accounts for 41 percent of the state's GDP, which shows that the business and economy of Madhya Pradesh is gearing towards the modern trends, despite having its roots firmly entrenched, literally in the soil.
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