Why is economic strength of a country measured by the development of manufacturing industries explain with examples
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The economic strength of a country is measured by the development of manufacturing industries. ... Export of manufactured goods expands trade and commerce, and brings in much needed foreign exchange. Countries that transform their raw materials into a wide variety of furnished goods of higher value are prosperous
The economic development of a country is measured by the development of manufacturing industries by the following waysi – (i) Manufacturing industries help in modernizing agriculture which forms the backbone of our economy. (ii) They reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors. (iii) Industrial development is pre-condition for eradication of unemployment and poverty from our country. (iv) Manufacturing goods expand trade and commerce (v) Export brings in much needed foreign exchange. (vi) Manufacturing is the process of value addition. (vii) It also brings down regional disparities by establishing industries in tribal and backward areas. (viii) It increases the GDP/ National Income of the country. (ix) Any other relevant point.