I am not an agricultural researcher, but I have done research in ‘Food Security’ as a research/personal interest of mine. Hence I feel that diversification of agricultural products can only serve to improve the economy of any country inclusive of socio-economics. Firstly, it will serve to improve food security due to more variety of crops and this can alleviate starvation and health related risks (caused by starvation). It can also create employment as more people can be employed in the sector that specialise in the different varieties (diversification) of crops thereby requiring different skill-sets. Furthermore, the GDP of the country can increase as more agricultural output can be sold/exported. These are just some of the key economic benefits. There are many more.

Dr Sachin Suknunan thank you for your contribution to the discussion

Diversification helps mitigate the risk to you about such scenarios by choosing different investments and types of investments. Diversification doesn't guarantee investment returns or eliminate risk of loss including in a declining market. Agricultural diversification occurs when more species, plant varieties or animal breeds are added to a given farm or farming community and this may include landscape diversification different crops and cropping systems interspersed in space and time. Therefore, expansion into other sectors is essential to provide supplementary gainful employment and in realising higher levels of income for rural people to overcome poverty and other problems. Rural areas lack better sanitation facilities, better education, electricity, easy and simple credit facilities etc. People in rural areas are deprived of all these facilities and which is why there is a growing need for rural development. Villages play an important role in the contribution of GDP.Rural development creates opportunities in rural areas for education and skill development. This helps to increase the efficiency, productivity, mobility, income and standard of living of the people. Half of billion strong Indians earn their bread and butter from agriculture activities and allied products. The growth of Indian GDP has substantial contribution from agriculture. Rural economy contributes 46% towards the national income and 25-30% of India's GDP. Rural development is a comprehensive term which essentially focuses on action for the development of area which is lagging behind in overall development of village economy. Agriculture is the single most important source of livelihood for the majority of the rural population. But the rural is not just agriculture. Many activities that support agriculture and village life are also sources of livelihood for people in rural India. Agriculture is the single most important source of livelihood for the majority of the rural population. But the rural is not just agriculture. Many activities that support agriculture and village life are also sources of livelihood for people in rural India. Rural development usually refers to the method of enhancing the quality of life and financial well-being of individuals, specifically living in populated and remote areas. Traditionally, rural development was centred on the misuse of land-intensive natural resources such as forestry and agriculture.Farming is the fabric of rural society and, in many countries of the world; it is the main economic activity.