what are manufacturing industries(5)marks
Answers
Production of goods in large quantities after processing from raw materials to more
valuable products is called manufacturing....Manufacturing sector contributes 17 % of GDP.....Reasons for importance of manufacturing industries are :-------
i. Manufacturing industries help in modernising agriculture, which forms the backbone of our economy.
ii. Manufacturing industries also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.
iii. Industrial development is a precondition for eradication of unemployment and poverty from our country.
iv. It brings down regional disparities by establishing industries in tribal and backward areas.
v. Export of manufactured goods expands trade and commerce, and brings in much needed foreign exchange.vi. Countries that transform their raw materials into a wide variety of furnished goods of higher value are prosperous.......
The share of manufacturing sector in the GDP (Gross Domestic Product) has been stagnant at 17% over the last two decades. The total contribution of industry to the GDP is 27% out of which 10% comes from mining, quarrying, electricity and gas.
The growth of the manufacturing sector had been 7% in the last decade. Since 2003, the growth rate has been 9 to 10% per annum. The desired growth rate over the next decade is 12%.
The National Manufacturing Competitiveness Council (NMCC) has been set with the objectives of improving productivity through proper policy interventions by the government and renewed efforts by the industry.....
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