Need for industrialization in India, The latest trends and its impact on economy of India
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A write up on the Need for industrialization in India, its latest trends and impact on economy of India:
India is predominantly a agricultural country and the number of industries are less when compared to countries like USA and China. There is an urgent need for industrialization in India. The following points justify the need for industrialization in India.
1. The population of India is very high and all cannot depend on agriculture for employment.
2. Indian Government has to spend more on the welfare of the people and industrialization will help in generating more revenue.
3. India has to compete with the growth parameters of developed countries.
4. Industrialization will help to improve the standard of living of the people and reduce poverty.
Latest trends of industrialization in India and its impact on India’s economy:
Compared to few years ago there is more industrialization in India currently. Many large scale ad small scale industries have been started ad they are providing employment to the people and thereby improving the standard of living. The government is conducting investors summit and encouraging investments from local and abroad.
The above factors have led to a healthy economic condition. Employment opportunities have increased the purchasing power of the people and the number of people living below the poverty lie has decreased drastically due to increased economic activities.
Need for industrialization in India, The latest trends and its impact on economy of India.
Explanation:
- Industrialization the period of social and economic changes that transfers the human society from a traditional to a modern society of an extensive organized economy for the purpose of manufacturing and this phase is associated with economic growth.
- As to overcome the needs of the deterioration in terms of the trade and remove the barriers among the nations like the India which need to develop as an industrial nation in terms of the political, technological to the balance of commodities.
- As today India presents a key role in the industrial environment in the upcoming decade and has become the hub of the IT revolution in the world as the top fids like IBM, Microsoft, the Infosys, the Accenture, and the Google.
- And has given impetus to the banking education, and real estate of the economy. And its impacts have created a shift in the core agricultural dominant economy to shift to service sector and quaternary based sector of the nation. And thus have given rise to the domestic entrepreneurs and the works form home culture.
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