need for indutrialization in india and its latest trends and impact on economyof india
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ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF THE COUNTRY Industrialization plays a vital role in the economic development of an underdeveloped country. The historical facts reveal that all the developed countries of the world broke the vicious circle of underdevelopment by industrialization. Pakistan being a developing country also wants to achieve higher standard of living for its masses. It has therefore, embarked upon various programmers of industrialization. The policies of privatization, deregulation and liberalization of the economy are being pursued. The role of industrialization in economic development is summed up as under.
1. Increase in national income.
Industrialization makes possible the optimum utilization of the scarce resources of the country. It helps in increasing the quantity and quality of various kinds of manufactured goods and thereby make a larger contribution to gross national product.
1. Increase in national income.
Industrialization makes possible the optimum utilization of the scarce resources of the country. It helps in increasing the quantity and quality of various kinds of manufactured goods and thereby make a larger contribution to gross national product.
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