Role of industries in India ( Only in paragraph form)
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An economy is made from the composition of many different industries like agriculture, service, engineering, manufacturing etc. 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.
Some important sectors of the Indian economies is given below:
1. Cotton and Textile Industry:
Indian cotton industry is the broad based industry which accounts for about 12% of industrial production, 4% of GDP, and employment to 35 millions of skilled and semi skilled workers and 12% of total export earnings. The first modern cotton mill was established at Kolkata in 1818.
2. Iron and Steel Industry:
This industry took birth in India in 1870 when Bengal iron Works Company established its plant in West Bengal. In 1974, The Steel Authority of India Limited (SAIL) was established and made responsible for the development of the steel industry in the country. Indian ranked at the 4th position in the production of crude steel (85 million tonnes) in the world during 2014 after China, Japan and USA.
3. Fertilizer Industry:
India today is the 3rd largest producer of nitrogenous fertilizers in the world only behind china and USA. India is meeting 80% of its urea requirement through indigenous production but is largely import dependent for meeting the phosphorous and potassium requirement.