Compare and contrast the developments made in the field of Iron and Steel Industry or Textile Industry or information and Technology Industry in India with that of any other country.Compare and contrast the developments made in the field of Iron and Steel Industry or Textile Industry or information and Technology Industry in India with that of any other country.
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India has a large iron and steel industry which count 50% of the total GDP
Explanation:
- India is largest producer of raw steel after China
- India produces 82.68 million tons of the total steel produced in the world which is a great quantity
- The Textile industry is one of the major industry in the world
- Lately, India has become one of the biggest hubs of the IT industries in the world
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In the late 18th and early 19th centuries, steel and iron became the harbingers of the industrial revolution. The sector has now shown to be the precursor to globalization. This is one of the few sectors of a global identity that has grown in a area that almost influences the industry everywhere else.
The Indian textile sector has a huge role in the country's economic development. In addition to supplying one of the essential life needs, the textile industry also plays a crucial role by contributing to industrial production, the creation of employment and the country's export revenues.
Throughout the 1990s, the IT sector saw a big leap and is now one of India's most successful sectors. The vast supply of technologically trained employees is the biggest reason for the exponential growth of the software industry and has made India an incredibly large market.
Explanation:
Developments in Iron and Steel Industry
- After independence, the iron and steel industry experienced rapid production.
- India is now the eighth largest producer of steel worldwide
- The recent trends have shown the steel industry's rapid growth and its significance worldwide.
- With the implementation of a new liberal industrial policy, in 1991, a variety of improvements in the activity of the iron and steel industry were visualized, which had a tremendous effect on iron and steel industry's output.
Development of the Textile Industry
- Domestic demand and global market recovery by 2009 have enabled the Indian textile industry to expand tremendously.
- India's share of world textile trade has grown over the years.
- India is the leading raw jute and jute goods producer and the third largest exporter after Bangladesh.
- After agriculture in India, the textile industry is traditionally the only one which has provided enormous jobs for both skilled and unskilled textile workers.
- India has 38% of total cotton acres and about 23% of total output. India is the world's biggest producer of cotton.
Development of the Information and Technology Industry
- One of the very few industries in the world to see double digit growth is the Indian software and services industry.
- Technology has become a big export commodity in India There are reasonable reasons to think that the existing powerful momentum will continue to fuel the growth of this market.
- The IT (IT) hardware business is one of the fastest-growing in terms of manufacturing, foreign trading and innovation sectors
- In terms of IT, telecommunications and consumer electronics products, India has fast caught up with the world since liberalization in 1991. It will contribute to massive demand and create the foundation for global pricing for these goods.
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