What is the importance of manufacturing industries for a nation like India? Explain.
Answers
Explanation:
Manufacturing sector is considered the backbone of development in general and economic development in particular mainly because:
Manufacturing industries not only help in modernising agriculture, they also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.
Industrial development is a precondition for eradication of unemployment and poverty from our country. This was the main philosophy behind public sector industries and joint sector ventures in India. It was also aimed at bringing down regional disparities by establishing industries in tribal and backward areas.
Export of manufactured goods expands trade and commerce, and brings in much needed foreign exchange.
Countries that transform their raw materials into a wide variety of furnished goods of higher value are prosperous.
in a country like India manufacturing is important due to 2 main reason -
1) Growing the economy- The things which are produced in India can be exported if we have goods for our selves
2) Need of the local population - If we see a in country like India cannot always import goods from the other countries so we need Industry to fulfill the need of of the local population too