Describe any four points of importance of secondary sector in the indian economy
Answers
(ii) It provides employment to the people.
(iii) It provides goods to the people like cloth, sugarcane, iron and steel.
(iv) The Secondary sector promotes the development of the Primary and the Tertiary sectors
The secondary sector refers to the industrial sector of an economy. It compiles and processes the raw materials coming from various sources or the primary sectors and manufactures a finished product. This helps in making a developed country from a developing or a under developed one. The significance of a secondary sector in Indian economy are as follows:-
1. Increases employment - The industrial sector requires a lot of labour for the proper working of the factory. Thus providing employment to a large number of people as compared to the primary sector.
2. Increases GDP - The industrial sector is accounted to contribute almost 20% of the total GDP of the country thus improving the economy as a whole.
3. Manufactures finished products - The secondary sector processes various raw materials into finished products which are of daily use and needs of the people like clothes, spices, sugar etc. It also produces raw materials for other factories like iron and steel.
4. Supports the other sectors - It tends to increase the primary sector by increasing the demand of the raw materials which are basically agricultural goods. Moreover increase in the total GDP results in the betterment of the Indian economy. This helps in improving the life style of the people and the quality of the tertiary sector.