explain what is importance of industrialisation in 2000 words
Answers
The scenario as the growth of industrial production reveals is one of a rising trend, with significant ups and downs spread over a number of years.
Long – Term Trend:
Overall the growth-rate of industrial production has been over six per cent since 1951. However, this has not been a steady figure through all these years.
We can see three sub-trends in the growth rates during the period:
High, Low and Higher:
The high sub-trend continued for 15 years since 1951 to 1965. During this period, the growth rate has been higher than the long-term trend rate, and an accelerating one. Commencing from 4.8 per cent growth for the first four years since independence 1947-51, the growth came up to 5.7 per cent during 1951- 52. This increased to 7.2 per cent during 1955-60 and further moved up to a high of 9 per cent during 1960-65.
The second sub-trend lasted for 10 years starting from 1966-1976, when this rising trend got a setback. The growth rate declined to 4.1 per cent and came lower than the long-term trend. However, this decline was compensated by the rise in the growth-rate over the trend rate in the third period since the mid-1970s. Beginning from a growth rate of 4.6 per cent during 1976-81, it increased to 7 per cent and over 9 per cent during the 1980s.
For the decade as a whole during 1980-81 to 1990-91 the growth rate has been 7.9 per cent. The rise in the growth curve continues to make the 1990’s with the growth rate at 6 per cent (1991-2000). Since the recent uptrend has persisted for long, even longer than the earlier one, the growth rate of industrial output may be said to have moved on to a higher path.
Present Uptrend:
While the growth-rate since 1991-92 has been on a higher path, except the low rates during 1991-93. The reasons for the low growth rate during this period has been caused by the government’s recent policies to stabilize the economy particularly for reducing/eliminating the large fiscal and balance of payments deficits and curbing the high inflationary rise in prices and to restructure it to make it more competitive and efficient.
These policies have involved compression in imports adversely affecting import-dependent industries; reduction in Government’s expenditure, reducing aggregate demand for the industrial products; high interest rates causing an increase in the industrial costs; devaluation of the rupee making import-inputs expensive.
However, this fall in the growth-rate was a transitory phase. Following liberalization of the economy, the growth rate not only recovered to a higher level, but remained fairly sizeable thereafter. The new policies have helped in promoting market, private sector and foreign direct investments, and the industrial output. Thus, despite some deviations, the over-all trend can be described as one of reasonably high growth.
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Answer:
Industrialization
Industrialization has come to be regarded as synonymous with economic growth and development. No country desirous of rapid economic progress can afford to neglect industrialization.
Industrialization can help the progress of agriculture, trade, transport and all other economic activities. Industrialization is the key to economic development. All advanced countries of the world are industrialized.
It will make the best possible use of our human and physical resource. All types of goods for all types of people should be produced in large, medium, cottage and small scale industries.
Importance of Industrialization
In the interest of economy, rapid industrialization is important for generating employment opportunities, utilization of all types of resources, promotion of education, training and research, improving the productivity of labor and balanced regional development.
Industrial growth brings a rapid increase in the national income of the country.
In order to reduce the continued increasing pressure of exploding population on our developing economy, rapid industrialization is a must.
Land is limited in area but industrialization has unlimited scope.
To set up large number of industrial units we can create more employment opportunities and absorb a large number of unemployed youths.
Agriculture cannot use all resources. So, industrialization is a must to make use of our resources.
Industry can make use of waste materials.
Industrialization widens horizon of our understanding and enables us to go through education and researches. Thus it will prove the quality of our manpower.
We can use more capital and technologies.
We can have division of work and specialization in the industry.
This will result in the improvement of productivity of labor.
Industrialization is capable of removing regional disparities because barren lands can be used for this purpose.
No fertile land and means of irrigation are needed for industrialization.
Industrialization will raise the standard of living of our people.
Conclusion: The solution of our problems lies in the rapid industrialization of the economy. Every region should be industrialized. Agriculture is over burdened with population. In order to absorb the manpower rendered surplus by the agriculture, there should be industries in the rural areas. There is unlimited scope of industrialization due to continued researches, introduction of new technologies and invention.