Question

What are the reasons for decline of industries​

Answer 1

Explanation:

The reasons for decline of industries are:

• due to the competition posed by the machine made goods that were imported from Britain.
• The traditional handicrafts industry faced a tough competition from these goods produced in bulk.
• The Britishers compelled the Indian craftsmen to sell their goods below market price and they hired their services at below the prevailing wages.
• The British exported raw materials from India like cotton. As a result the Indian weaver had to buy these materials at higher prices. This in turn raised the cost of Indian handicrafts as compared to the machine made goods.

Answer 2

An industry is said to be in decline when it does not keep pace with the rest of the country's economic growth. Important factors that can cause an industry's decline are changing consumer preferences, technological innovation, or emergence of substitutes.

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