Question

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?

Answer 1

Industrial goods are made up of machinery, manufacturing plants and materials, and any other good or component used by other industries or firms. Consumer goods are ready for the consumption and satisfaction of human wants, such as clothing or food.

Answer 2

Basic Industry :

• Basic industries  like Iron and steel serves as the backbone of our economic development.

• These industries provide raw materials, all types of machinery to run other industries. For example, machine, engineering industries.

• This sector has helped in the generation of several small scale industries, supporting power, transport, communication Industries in India.

• As it serves as the raw material for many industries it is referred as feeder industry.

Consumer Industry :

• These industries produce goods which are directly used by consumers. 

• For example, fans, toothpaste

In my opinion the basic industries should be given the first priority As far as priority as they provide raw material to all other industries and is the backbone. Even a consumer good industry would require machinery and other equipments to operate which are so fulfilled by the  basic industry.