Explain importance of industries in the economic development of our country
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Answer:
Industrialization plays a vital role in the economic development of underdeveloped countries. As the historical record shows, the developed countries of the world broke the vicious cycle of poverty by industrializing, rather than focusing on agricultural or the production of national resources.
Currently, Pakistan, as a developing country, wants to achieve a higher standard of living for its people. For this reason, it is pursuing policies that support privatization and deregulation of the economy.
Industry plays a complex role in economic development, but these are some of its most important effects
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If agriculture is the backbone of the economy, industry is the energy. The rapid development of capital goods industries promote the growth of agriculture, transport and communication. It also enables the country to produce a variety of consumer goods in large quantities and at low costs.
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