what are the importance of industry
with main heading with explanation
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Importance of Industries
i)Rapid growth of income-
The first and th foremost argument in favor of industrialization is that it can provide a base for rapid growth of income.It is because of the fact that that productivity rates are higher in industrgrowth- in agriculture. Industries mainly depend on man;'s effort while agriculture is restricted by th limiting factor of the nature. It is also seen that the Industrialized nations have a high per capita income.
ii)Employment-
With the increasing population agriculture is unable to provide for employment. Hence it is very important to set up industries to absorb this surplus labor.Hence industries can solve the problem of unemployment.
iii)Exploitation of resources-
Industries are capable of utilizing all the resources present in the economy. They can even make use of scraps and waste materials. Agriculture cannot make use of all the resources.
iv)Foreign exchange-
India cannot earn adequate foreign exchange from the exports of its primary products. It is because of the fact that the demand for such products is very low in other countries. Industrial exports need to be added to the primary products.
v)Development of agriculture-
The requirements of agriculture are met by the industries in large. Agriculture requires improved farm machinery, chemical fertilizers and pesticides. It also requires storage and transport facilities. All these are adequately provided by our own industries.
vi)Balanced development-
Ours is an unbalanced economy. Our greater dependence on agriculture has made us poor. With the industrialization in the economy this disparity can be removed. If agriculture is the backbone of the economy, industry is the energy.
vii)Self-sustained growth-
The rapid development of capital goods industries promote the growth of agriculture, transport and communication. It also enables the country to produce a variety of consumer goods in large quantities and at low costs.
It also eliminates our dependence on other countries for the supply of essential goods.
viii)Nation's security-
Dependence on foreign countries for defense goods is always risky affair. We do not have good relations with our neighboring countries especially Pakistan and China.
i)Rapid growth of income-
The first and th foremost argument in favor of industrialization is that it can provide a base for rapid growth of income.It is because of the fact that that productivity rates are higher in industrgrowth- in agriculture. Industries mainly depend on man;'s effort while agriculture is restricted by th limiting factor of the nature. It is also seen that the Industrialized nations have a high per capita income.
ii)Employment-
With the increasing population agriculture is unable to provide for employment. Hence it is very important to set up industries to absorb this surplus labor.Hence industries can solve the problem of unemployment.
iii)Exploitation of resources-
Industries are capable of utilizing all the resources present in the economy. They can even make use of scraps and waste materials. Agriculture cannot make use of all the resources.
iv)Foreign exchange-
India cannot earn adequate foreign exchange from the exports of its primary products. It is because of the fact that the demand for such products is very low in other countries. Industrial exports need to be added to the primary products.
v)Development of agriculture-
The requirements of agriculture are met by the industries in large. Agriculture requires improved farm machinery, chemical fertilizers and pesticides. It also requires storage and transport facilities. All these are adequately provided by our own industries.
vi)Balanced development-
Ours is an unbalanced economy. Our greater dependence on agriculture has made us poor. With the industrialization in the economy this disparity can be removed. If agriculture is the backbone of the economy, industry is the energy.
vii)Self-sustained growth-
The rapid development of capital goods industries promote the growth of agriculture, transport and communication. It also enables the country to produce a variety of consumer goods in large quantities and at low costs.
It also eliminates our dependence on other countries for the supply of essential goods.
viii)Nation's security-
Dependence on foreign countries for defense goods is always risky affair. We do not have good relations with our neighboring countries especially Pakistan and China.
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what are the importance of industry with the main heading with explanation
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