Question

How industries are important for economic growth?
Answer in points.... ​

Answer 1

Answer:Industrialization Reduces Unemployment & Poverty

An increase in industrialization can lead to lower rates of unemployment and poverty in a given region. Industrial developments lead to more jobs in both large- and small-scale businesses, which allows for more opportunity for those who may be unemployed otherwise.

Explanation:

Answer 2

Industries are important for economic growth as they help in increasing the GDP of any nation.

Explanation:

• Industries are important for economic growth. Industries are helpful in converting raw materials into goods and services which have higher utility than the raw material itself.
• The industries also provide employment to a number of people which is again an important determinant of economic growth in any nation.
• Industries also bring modernization and organization to the area in which these are established. Services such as transportation, accommodation, etc are available at cheap rates in the places where industries are set up.