explain the importance of it industry! answer briefly!
Answers
The Information Technology (IT) industry is an essential component of the technology-driven knowledge economy of the 21st century. ... This industry is also instrumental in creating infrastructure to store, process and exchange information for important business operations and other organisations
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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. It also eliminates our dependence on other countries for the supply of essential goods.
Explanation:
Industries play an important role in the economic development of any nation .without industries, economic development is impossible. Again, in a backward and developing economy like INDIA , industries are indispensable.
Development of industries is not only indispensable for India, but there is also good scope for the development of industries in our country. India has many favourable factors for the development of industries. The various favourable factors present in the country for the development of industries are:
The country is rich in natural resources, such as minerals, forests, fisheries, etc. required for the development of industries.The country is rich in commercial crops, such as sugar-cane, raw cotton, raw jute, tobacco, oil seeds, etc. required for the development of agro-based industries.The country is fairly rich in power resources, such as coal, hydro-electricity, atomic energy, etc. required for turning the wheels of industries.India is rich in human resources. As such, cheap labour required for the development of industries is also available in the country.As the country has vast population, wide market required for the development of industries is also available in the country.
Industries offer several benefits to the country. They are:
When there is development of industries in the country, there will be the investment of large capital, use of modern machineries, high degree of specialisation and large-scale operations. As a result, there will be greater productivity and higher national income. Higher national income, in turn, will contribute to increase in per capital income. Thus, development of industries will contribute to the growth of national and in per capital income in the country.Industrialisation creates more and varied employment opportunities, and thereby, reduce the problem of unemployment