what is the contribution of industry in our country ?
Answers
Answer:
Contribution of Industry to National Economy
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.
Industries play a vital role in the development of a country's economy. ... A number of public and private companies operate in an industry, which may manufacture the same goods or provide the same services, but follow different strategies and guidelines to operate their businesses.
These industries are contributing half of the total industrial production in India and provide gainful economic activity to more than five times the number of people employed in the large and medium sized industries in the country. ...
Contribution of industries to a national economy by,
a)Industries provide for the production and goods and provision of services. It has brought about substantial increase in GDP of any country.
b)Industries generates employment for vast majority which help in improving living standard and poverty eradication.
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Answer:
*) Economic stability
*) Increase in foreign exchange reserve
*) Utilization of natural resources
Explanation:
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