Explain with suitable examples how a basic industry is different from a consumer industry. In your opinion, which one of the two should be given priority and why?
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For example, iron and steel industry is a basic industry that produces iron or steel which is used by other industries to manufacture machines and other equipments. A consumer industry uses the raw materials produces by the basic industries to manufacture goods that are directly used by consumers.
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A basic industry produces goods that act as raw material for other industries and are not directly consumed or used by people. ... In my opinion, consumer industries should be given priority as they are involved in foreign exchange and therefore important for the country's development.
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