why industries play an important role in country's economy.Any 3 reasons
Answers
why economic development plays a critical role in any region’s economy.
1. Increased tax revenue:: The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure.
2. Improved quality of life:: Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents.
3. Economy fortification:: Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers.
Answer:
Manufacturing industries help in modernising agriculture as it provides jobs in secondary and tertiary sectors. It helps in the eradication of unemployment and poverty. Export of manufactured goods expands trade and commerce, and brings in much needed foreign exchange.