Importance of Manufacturing
The manufacturing sector is seen as the bedrock of progress in general and economic development in particular, owing to the following reasons
- Manufacturing industries not only help to modernize agriculture, the backbone of our economy, but they also help to reduce people’s reliance on agricultural income by producing jobs in secondary and tertiary sectors.
- Industrial development is required for the abolition of unemployment and poverty in our country. On this basis, public sector industries and joint ventures were established in India. It also aimed to address regional disparities by establishing industries in tribal and disadvantaged areas.
- Exporting manufactured goods stimulates trade and commerce while also supplying much-needed foreign currency.
- Affluent countries turn their raw materials into a varied range of higher-value finished goods. India’s development is dependent on its industrial industries rapidly increasing and diversifying.
What is the Contribution of Industry to National Economy?
Manufacturing is the process of mass-creating objects after they have been transformed from raw ingredients to more attractive products. People who work in secondary activities transform raw resources into completed products. Workers at steel mills, car factories, breweries, textile mills, bakeries, and other sectors come into this category. Some people work in the service industry. Manufacturing industry development is used to assess a country’s economic strength.
What is the Contribution of Industry to National Economy?
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