What was the impact of industrial development on revenue??(India)
Answers
The industrial revenue will increase the total rate of tax that can eventually increase the revenue of the country.
The revenue will be used for the development of the country such as roads, hospitals, etc.
Hence, if the products are sold at an affordable price then it will only benefit the country for the development.
Answer:
Explanation:
Industrial development leads to the generation of huge amounts of revenue. The establishment and expansion of capital goods and large scale industries contribute much to revenue generation. These industries contribute to employment generation and thereby to the generation of income and revenue. With the adoption of the new economic policy, many industries have been setup in different sectors resulting in increased competition in the economy. The public sector enterprises have to compete with the private industries in the present economic system. The importance and impetus gave to the cottage, and other small-scale manufacturing concerns also contribute to income generation. This increases the efficiency of the industries thereby leading to higher standards of the products and production process thus resulting in higher prices of the commodities sold. With the increased employment and income generation, the economic units would be able to purchase these high-quality commodities. With the increased spending, the money in circulation can be increased leading to revenue generation.