How to set up an industry? What are the requirements for it?
Answers
Answer:
To set up an industry the following basic requirements must be met.
The required raw material must be available.
The location must be appropriate.
Finance and infrastructure in terms of management and human resources must be available.
Answer:
To set up an industry the following basic requirements must be met
The required raw material must be available.
The location must be appropriate.
Finance and infrastructure in terms of management and human resources must be available.
The basic requirements for setting up any modern industry are -
1. Land -
Land includes all natural resources which are obtained from Land.
Example - coal, metals, fruits & vegetables, foodgrains etc.
2. Labour -
Labour includes all kinds of physical and mental labour involved in production.
it also includes work done at all levels, directly or indirectly.
3. Capital -
No modern industry can be setup without funds, either owned or borrowed from sources like Banks, Finance companies etc.
4. Entrepreneurship -
Enterpreneur is the centre for establishing an industry.
It can be a individual or a group of people involved in an economic activity for earning profit.