Question

Mention about the roles of industries in Indian Economy.

Answer 1

Explanation:

These industries provide so many benefits to the economy i.e. employment generation, production of goods and services, equal income distribution in the whole economy. ... Service sector contributes 60% of the Indian GDP while agriculture gives around 14% of GDP.

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Answer 2

The roles of industries in the Indian Economy:

• Employment Opportunities: The establishment of industries has led to a significant mark in the Indian economy. It has created employment opportunities for thousands of people. It has solved the rising problem of unemployment in both rural and urban India. The establishment of the cottage and small-scale enterprises on a very wide scale can contribute a great deal in removing much of this unemployment persisting in the country at the current time.
• Rapid Growth of Income: Industries help in capital formation and accumulation of profits. It helps in the economic growth and development of the country. With the rapid flow of Income, the business would flourish, thus increasing the GDP and National Income of the country. It is because of the fact that those productivity rates are higher in the industrial sector than in the agriculture sector. It is also seen that the Industrialized countries have a high per capita income.
• Foreign Exchange: Industries have trade with other countries too. This brings a lot of foreign currency to the Indian Banks. This increases the value of our Country's money. This creates opportunities for a lot of FDI( Foreign Direct Investment) in our country. Imports and Exports bring about drastic economic growth. This also helps in ascertaining higher profit to a company, thus increasing its profit margin along with total revenue.
• Self-sustained growth : Self-sustained growth refers to the process of growth where the country grows, makes, and sells one's own product. This is efficient in increasing the value of a country's currencies. The prompt development of capital goods industries encourages the growth of agriculture, transport, and communication. It also helps the country to beget a variety of consumer goods in large quantities and at low costs. It also annihilates our dependency on other nations for the supply of basic goods.