Why are industries the backbone of economic development?
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Answer:
The manufacturing sector is considered as the backbone of the economic development of the country because of the following reasons:
(i) Manufacturing sector helps in modernising agriculture which increases agricultural productivity.
(ii) Since a huge portion of India's population is dependent upon agricultural income, the manufacturing sector diminishes the heavy dependence of people on agriculture and provides jobs to a large number of people in the industrial as well as the service sectors.
(iii) It reduces poverty as well as unemployment from the country. The development of the manufacturing sector also aims to minimise regional disparities by setting up industries in tribal and backward regions of the country.
(iv) The export of manufactured goods expands trade and commerce.
(v) The export of a wide variety of manufactured goods to other countries also brings in foreign exchange which leads to economic development of the country.
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