Question

What is the contribution of industry to National economy??


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Answer 1

Answer:

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Explanation:

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.

Answer 2

Industries have been playing a vital role in the development of world's economy since the Industrial revolution.

Contribution Of Industry to National Economy

• Capital formation leads to increase of supply of money in hands which will increase the methods of production.
• Increased per capita income :- Division of labour wages will be increased as there would be an increase in capital formation and growth in GDP.
• Balanced economy increased in economic growth and GDP leads to balance of Payment.

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