industrialisation helps grow country's economy
Answers
Answer:
Explanation:
Industrialization has been instrumental in the economic development of the world. The process has improved productivity and allowed for mass production, which has increased standards of living.
Explanation:
The following points explain the role of industrial development in economic growth:
1. Modernisation of Industry :
Industrial development is necessary for modernisation of agriculture. In India, agriculture is traditional and backward. The cost of production is high and productivity is low. We need tractors, threshers, pump sets and harvesters to modernise agriculture. To increase productivity, we need chemical fertilizers, pesticides and weedicides etc. These are all industrial products.
2. Development of Science and Technology :
Industrial development encourages the development of science and technology. The industrial enterprises conduct research and develop new products. Ethanol in the form of biofuel is an example of industrial development.
3. Capital Formation :
Acute deficiency of capital is the main problem of Indian economy. In agricultural sector, the surplus is small. Its mobilisation is also very difficult. In large scale industries, the surplus is very high. By using external and internal economies, industry can get higher profit.
4. Industrialisation and Urbanisation :
Urbanisation succeeds industrialisation. Industrialisation in a particular region brings growth of transport and communication. Schools, colleges, technical institutions, banking and health facilities are established near industrial base.
5. Self-reliance in Defence Production :
To achieve self-reliance in defence production, industrialisation is necessary. During war and emergency dependence on foreign countries for war weapons may prove fatal. Self-reliance in capital goods and industrial infra-structure is also necessary.