Why industrial progress is an important indicator of economic development?
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Industrial progress is an importantindication of economic development.Industrial progress plays a dominant role in the economic development of a country. It is an important means to increase the national output and per capita income.
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• Industrial progress plays a dominant role in economic development.
• Industrialization is an optimum utilization of scarce resources.
• It increases the quality and quantity of goods and services.
• This will increase the national income of the country.
• It generates new employment vacancies.
• Industrial progress increases the external and internal market values.
• Due to this, the government receives revenue in the form of custom, sales, and income taxes from industries.
• So automatically economic growth increases that's why industrial progress is essential for economic development.
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