Socio-Economic Importance of Water

Socio-Economic Importance :

Socio economic importance is how economic activity affects and is shaped by social processes. In factors such as, how societies progress, stagnate, or regress because of their local or regional economy, or the global economy are analysed.

Socio-Economic Significance of Water :

The reason for water, the universal solvent, being used in almost every activities in our day-to-day life, is the wide range of its socio-economic significances. Some of them are listed below :

Water is a public good and has a social and economic value in its competing uses.

Water is the elixir of life for all human beings. Apart from the major need for drinking, water is widely used for several household purposes. It is utilized in various activities in our day-to day life.

The role of water in agricultural development is very crucial.

Agriculture has been very successful at capturing the major share of the world's  exploitable water resources. Water availability by the improved irrigation system, was one of the main factors responsible for the success of Green Revolution in India.

Water is a most essential want of industries all over the globe.

It is estimated that 15% of the worldwide water use takes place in the  industrial sector. Major industrial uses include power plants, which use water for cooling or as a power source.

Water provides numerous sites world-wide, for tourism and recreation purposes.

Sea shores, beaches, dams, lakes, river banks and even oceans are places that witness millions of people visiting every year for enjoying holidays as well as for religious ambitions.

Waters are undoubtedly the lifeline of International Trade.

From the ancient times, the introduction of new trades among different countries has been only possible because of the sea routes. Even today, oceans serve as the path for international trade.

The Inland Waterways serve as the cheapest means of transport.

The most easy and cheapest means of transport is through water. Extensive water networks are set up for public transport in the big rivers of India, such as Ganga and Yamuna.

Water is entirely depended upon for Fisheries.

The fishermen depend on water on a whole and sole basis for cultivating and capturing fish for commercial as well as subsistence purposes.

Water is the basic need for Hydro-Electric Power Generation.

Here, the kinetic energy of the flowing water is harnessed to generate electricity which is utilized further for different purposes.

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