explain the importance of a manufacturing sector in the economic development of a country ???
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- As the main sector of accumulating physical capital, at least at relatively low income levels, manufacturing benefits from economies of scale more than other sectors. ... Thus, manufacturing development and structural change play a key role in the development of such modern services.
- Manufacturing industries help in modernizing agriculture; which forms the backbone of our economy. Apart from this, manufacturing industries also reduce the heavy dependence of people on agricultural income. ... Export of manufactured goods expands trade and commerce and brings in much needed foreign exchange.....
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Manufacturing industries help in modernizing agriculture; which forms the backbone of our economy. Apart from this, manufacturing industries also reduce the heavy dependence of people on agricultural income. This becomes possible because of creation of new jobs in secondary and tertiary sectors.Industrial development helps in eradication of unemployment and poverty.Export of manufactured goods expands trade and commerce and brings in much needed foreign exchange.A country with high level of manufacturing activities becomes prosperous.
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