Discuss the importance of manufacturing sector in the growth of economy 0
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Importance of manufacturing industry is as follows:
It has helped in modernising agriculture by manufacturing tractors, tools and machines used in cultivation.
It has reduced employment pressure on agriculture
It has brought in much needed foreign exchange
It has expanded trade and commerce
Manufacturing industries have helped in eradication of unemployment and poverty
It has helped in the growth and boom in economy.
Manufacturing industries have contributed 17% of our GDP. Its growth was stagnated earlier. However, since 2003, it is growing at a rate of 9-10% per annum.
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