Question

Explain the contribution of industry in the national economy

Answer 1

Industries provide various raw materials that are used in many others works. Thus the materials produced by industries help to raise national economy

Answer 2

Answer:

The contribution of industries to national economy has not b^n satisfactory for the last two decades. It has stagnated at 17 per cent of GDP out of a total of 27 per cent for the industries which includes 10 per cent of mining, quarrying, electricity and gas.

(b) In comparison to India’s 17 per cent share in the GDP, the manufacturing sector in East-Asian countries have a contribution of 25 to 35 per cent of their GDP.

© The desired growth rate over the next decade is 12 per cent. At present, growth rate is about 9 to 10 per cent and it is expected that we can achieve the growth rate of 12 per cent by some efforts like setting up of the National Manufacturing Competitiveness Council (NMCC).