what is manufacturing..... Define in 30 words
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Answers
Manufacturing is the process of converting raw material into finished and more valuable products, This sector transforms raw materials into finished products creating more choices for the consumers and a more prosperous society.
Example of manufacturing industries are : Cotton textile industry, automobile industry, iron and steel industry, electronic products industry.
On the basis of ownership, manufacturing sector can be classified in the following:
☆ Public sector, where means of production are owned by the government. We may give example BHEL, SAIL etc
☆ Private sector under which industries are owned and controlled by private individuals or group of people. We may give example of TISCO, Jindal steel etc.
☆ Joint sector where both private and government has a stake,,where means of production are jointly owned by the private and public sector, we may give example of Oil India ltd.
☆ Cooperative sector, , members pool in their resources, and from their deposits they seek loans from the banks.These societies have allowed people who are the producers of raw material and workers to collaborate .farmers cooperatives, weavers cooperatives, milk cooperatives etc. They are operated by suppliers of raw materials, or workers or by both .
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