how does industrialization strengthen the indian economy
Answers
Explanation:
In the Indian context, the progress of industrialization since 1951 has been a striking feature of the economic development of the country.
This is evident in the commodity composition of India’s foreign trade. Over the years, the share of imports of manufactured goods has steadily declined.
On the other hand, industrial products like engineering goods have become a huge component of India’s exports.
Also, the growth of industrialization in India brought with itself a corresponding growth in technological and managerial skills.
These skills help in efficient operations of sophisticated industries and also planning, designing, and constructing such industries.
According to the Annual Survey of Industries, there are three categories in the ownership pattern of industries:
Non-Corporate Sector – which includes industrial units whose owners are individuals, proprietorships, partnerships, and Hindu Undivided Families (HUFs).
Corporate Sector – This is further sub-divided into two sectors:
Private Corporate Sector – which includes public and private limited companies
Public Corporate Sector – which includes Governmental Departmental Enterprises and Public Corporations
Others – which includes khadi and village industrial units like sugar mills which the cooperative societies run in Maharashtra.