What is the role of industrial sector in economic development of any country?

What is the role of industrial sector in economic development of any country?

Industrialization plays a vital role in the economic development of underdeveloped countries. Industrialization allows countries to make optimal use of their scarce resources. It increases the quantity and quality of goods manufactured in that company, which makes a larger contribution to gross national product (GNP).

What is the role of Industrialisation in economic development?

Role of industrialization in economic development In industrialization there is optimum utilization of scarce resources. The quality and quantity of manufacturing sector increase. It increases the national income of the country. When industrial production increase that increase exports and revenues of the government.

What is the importance of the industrial sector in any economy?

Industrialization causes the income of people to rise, and improves their standard of living. There is a rise in income, and so rate of savings, rate of investment and rate of spending also rises automatically. This is an important event for the rapid growth of a country.

What are the role of industrial sector in the economic development of Nepal?

The industry is regarded as a secondary sector of Nepalese economy. The economic development of a nation depends on the stage of industrial development. The industry is the greatest sector that can provide employment to the mass people which help to increase per capita and reduces the poverty.

What is industrial and economic development?

Industrial developments have historically led to periods of economic growth. New technologies make jobs easier, faster and better, which can lead to an increase in a business’ output and an increase in profits.

What is the role of the industrial sector?

Industrial Sector provides employment to majority of population. This sector provides employment to both skilled and unskilled labour. Developed industrial sector can absorb millions of unemployed which will increase not only the income level but also the standard of living.

What is meant by industrial development?

industrial development means a development that involves a manufacturing or industrial process, and shall include, but is not limited to, electric power production, food and food by-product processing, paper production, agri-chemical production, chemical processes, storage facilities, metallurgical processes, mining …

What is the role of industrial development?

Industrial development encourages the development of science and technology. The industrial enterprises conduct research and develop new products. Ethanol in the form of biofuel is an example of industrial development. Industry conducts research on its wastes and develops byproducts like biodiesel from Jatropha seeds.

What is the relationship between industrial development and economy?

Industrial developments have historically led to periods of economic growth. New technologies make jobs easier, faster and better, which can lead to an increase in a business’ output and an increase in profits. Industrialization in the workforce has many benefits that are more far-reaching as well.

What is the industrial sector in economics?

The industrial goods sector includes stocks of companies that mainly produce capital goods used in manufacturing, resource extraction, and construction. Businesses in the industrial goods sector make and sell machinery, equipment, and supplies that are used to produce other goods rather than sold directly to consumers.

What is industrial development in economic?

1 A deliberate and sustained application and combination of suitable technology, management techniques, and other resources to move an economy from a traditional low level of production to a more efficient system of production.

What means industrial development?

What is the importance of industrial sector in economic development?

If we study the history of economic development we find that the growth in national income and per capita income has been accompanied by a relative decline in their dependence on agriculture. At present the share of industrial sector to GDP is 6.8%. Industrialization helps in increasing the value of output per worker.

How is industrial development related to per capita income?

The history of economic development of advanced countries shows that there is a close relation between the level of industrial development and the level of national and per capita income. For instance, the share of industrial sector to national income was 26% and the per capita income in year 2000 was 36,240 dollar in USA.

What is the role of industry in India?

ROLE OF INDUSTRY IN THE ECONOMIC DEVELOPMENT The industries in india can be classified into : Organised industries Unorganised industries Both type of industries are important for large country with a huge size of population and plays an important role in the economy of the country,

Why was industrialization important in the Industrial Revolution?

Industrialization is regarded essential for rapid development of the country since industrial revolution. The countries which merely rely on agriculture have remained under developed, whereas nations which developed industries achieved high rates of development.