Question

Why is manufacturing industry significant for us

Answer 1

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The manufacturing industry is responsible for producing goods. Typically, these goods are produced in large factories, as compared to more artisanal kinds of production that are considered a type of craft-making rather than manufacturing, per se. Manufacturing can also include the building of infrastructure, such as roads and facilities for producing and distributing water and power.

Benefits

There are a number of benefits to manufacturing, including the creation of jobs and development of new technologies. According to the Business Council of New York State, manufacturers in the U.S. are responsible for almost two-thirds of private-sector research and development, totaling more than $120 million in 2002. According to the Economic Policy Institute, manufacturing industries generated $1.6 trillion in gross domestic product (GDP) in 2006, accounting for more than 12 percent of the total.

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Answer 2

Manufacturing industry is significant:-

• Manufacturing industries not only help in modernizing agriculture, which forms the backbone of our economy. They also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.
• Export of manufactured goods expands trade and commerce and brings in much needed foreign exchange.
• Industrial development is a precondition for eradication of unemployment and poverty fro our country. This was the main philosophy behind public sector industries and joint sector ventures in India. It was also aimed at bringing down regional disparities by establishing industries in tribal and backward areas.
• Countries that transform their raw materials into a wide variety of furnished goods of higher value are prosperous. India's prosperity lies in increasing and diversifying its manufacturing industries as quickly as possible.