explain the importance of manufacturing. give 5 points
Answers
Manufacturing is an important factor in developing countries due to the following reasons:
i) Manufacturing helps the government to earn revenue.
ii) It helps in development of a country by exploring the resources.
iii) Manufacturing sector gives most of the employment.
iv) Manufacturing improves trade and commerce.
v) Manufacturing is the main factor which decides the GDP for a country.
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Answer:
A. Manufacturing sector is considered the backbone of development in general and economic development because-
Manufacturing industries help in modernizing agriculture.
They reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.
Helps in eradication of unemployment and poverty.
Helps in bringing down regional disparities by establishing industries in tribal and backward areas.
Exports of manufactured goods expand trade and commerce and bring much-needed foreign exchange.
India should convert its raw materials into a wide variety of furnished goods in order to prosper.
B. Agriculture and Industry go hand-in-hand. For example, in agro-industries, agriculture helps industries by providing raw materials and industries provide products such as irrigation pumps, fertilizers, pesticides, etc.
C. We can compete with international markets, if our manufactured products are at par in quality with international products.