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Explain the role and importance of secondary sector in India in the context of:-
1. creation of infrastructure
2. Employment generation
3. provision of consumers
Answers
The secondary sector of the economy includes industries that produce a finished, usable product or are involved in construction.
This sector generally takes the output of the primary sector and manufactures finished goods or where they are suitable for use by other businesses, for export, or sale to domestic consumers. This sector is often divided into light industry and heavy industry. Many of these industries consume large quantities of energy and require factories and machinery to convert raw materials into goods and products. They also produce waste materials and waste heat that may cause environmental problems or cause pollution. The secondary sector supports both the primary and tertiary sector.
Some economists contrast wealth-producing sectors in an economy such as manufacturing with the service sector which tends to be wealth-consuming.[1] Examples of service may include retail, insurance, and government. These economists contend that an economy begins to decline as its wealth-producing sector shrinks.[2] Manufacturing is an important activity to promote economic growth and development. Nations that export manufactured products tend to generate higher marginal GDP growth which supports higher incomes and marginal tax revenue needed to fund the quality of life initiatives such as health care and infrastructure in the economy. The field is an important source for engineering job opportunities. Among developed countries, it is an important source of well-paying jobs for the middle class to facilitate greater social mobility for successive generations on the economy.
Answer:
The secondary sector of the economy converts raw material into finished goods. This sector includes manufacturing, processing and construction units.
Significance of secondary sector in Indian economy is as follows:
1)The national income is increasing due to increase in number of manufacturing units and increase in industrial production.
2)As number of industries is increasing in India, employment is also increasing.
3)Industrial sector has contributed much in creation of infrastructure by providing machinery and equipment needed to build infrastructure.
4)Today it is due to the secondary sector that a variety of goods are available to consumers at cheaper rates.
Economic development means over all development with increase in GDP and national income. Growing industrialization leads to economic development, due to development in industrial sector employment generates which leads to improvement in living standard of people and literacy rate, transportation, communication, equipment and machinery; infrastructure has also improved a lot due to industrialization and has contributed to economic development in India.