Describe the contribution of industry to national economy?
Answers
Answered by
805
Contribution of industries to a national economy by,
a)Industries provide for the production and goods and provision of services. It has brought about substantial increase in GDP of any country.
b)Industries generates employment for vast majority which help in improving living standard and poverty eradication.
c)Industrial sector adds to country's growth and provide wide variety of choices for consumers.
d)It ensure export of manufactured goods thereby adding to the country's foreign exchange.
e) It improves country's infrastructure and contribute to the overall development.
a)Industries provide for the production and goods and provision of services. It has brought about substantial increase in GDP of any country.
b)Industries generates employment for vast majority which help in improving living standard and poverty eradication.
c)Industrial sector adds to country's growth and provide wide variety of choices for consumers.
d)It ensure export of manufactured goods thereby adding to the country's foreign exchange.
e) It improves country's infrastructure and contribute to the overall development.
Answered by
2
The share of the manufacturing sector is 17% of the GDP out of a total of 27% for the industry. Out of this 10% is for mining, quarrying, electricity, and gas.
As compared to East-Asian countries, it is very low where it is about 25% to 35%.
Over the last decade, the growth rate in manufacturing is 7% per annum.
The desired growth rate is 12% for the next decade. It had increased from 9% to 10% per annum since 2003.
It is expected that due to the inclusion of policy by the government and efforts by the industry to increase production, economists predicted that such measures might increase manufacturing over the next decade.
National Manufacturing Competitiveness Council (NMCC) has been set up
Similar questions