why government took up responsibility to set up basic goods industries?
Answers
There are many steps have been taken by the government because it consider safe and prosperous societies for industrial needs.
In addition to this, the medium has been taken with rights and consider responsibility for establishing industry standards.
It could expect nine ventures and fail to take off and scale up quickly.
Answer:
Basic good industries or key industries are those who supply their products or raw materials for the manufacturing of other goods. Iron and steel industry is an important basic good industry. During the 1960s, the government took up the responsibility for setting up and promotion of the basic good industries. The government took up the responsibility as these industries were of strategic importance to the growth of the economy. They were the factors guiding the direction and the degree of economic expansion. Also, these were major industries requiring huge capital investment. The private industries at that time were unwilling to invest in such large amounts in an economy that was growing. Thus government took up the responsibility of the establishment and expansion of the basic good industries.