Question: Why Are Industries Important For Our Country?

Why is industry important for a country?

Industrial Sector is of great importance for economic development of country.

Industrial development plays a pivotal role in economic uplift.

It raises the productive capacity of the people and creates ever-increasing employment opportunities..

Why is industry important for us?

Industrial growth helps in reducing the unemployment and poverty. Industrial growth can earn foreign exchange by exporting the finished goods and thus, can expand its trade and commerce. Because they provide us various devices useful for us. they make it from raw material.

What is industry and its importance?

1. industries help in modernizing agriculture which forms the backbone of our economy. 2. industrial also reduces the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sector.

Why do we need industry?

If agriculture is the backbone of the economy, industry is the energy. The rapid development of capital goods industries promote the growth of agriculture, transport and communication. It also enables the country to produce a variety of consumer goods in large quantities and at low costs.

What are the benefits of industry?

Here are the main benefits of Industry 4.0 to your production lines and your business.Improved Productivity. … Improved Efficiency. … Increased Knowledge Sharing and Collaborative Working. … Flexibility and Agility. … Makes Compliance Easier. … Better Customer Experience. … Reduces Costs. … Creates Innovation Opportunities.More items…•Aug 1, 2018

What are the important industries?

Answer: The major industries in the Indian Economy are Iron & Steel, Textiles, Jute, Sugar, Cement, Paper, Petrochemical, Automobile, Information Technology (IT), and Banking & Insurance.

What is the role of industry in economic development?

Main Sector of Economic Development: Industry is viewed as leading sector to economic development. We can have economies of scale by applying advanced technology and division of labour and scientific management. So production and employment will increase rapidly. This will bring economic growth and capital formation.

Why are factories so important?

Factories were necessary because the machinery was expensive, large, needed power, and was operated by many workers. Division of labor – The factory system introduced the division of labor. This is where different workers each have a specific task in making the product.

What are the 5 factors of industrialization?

They are land, labor, capital, technology and connections. Without a generous supply of these basic elements and the ability to organize them, a people cannot develop into an industrial society.

Why Industry 4.0 is real and important?

With Industry 4.0 manufacturers can gather real-time data from all parts of the manufacturing process so decisions can be made quickly and efficiently; and automate and streamline processes, reducing waste and increasing productivity and Overall Equipment Effectiveness (OEE).

What are the positive effects of industrialization?

Industrialization has enormously positive impacts on wages, productivity, wealth generation, social mobility and standard of living. During industrialization, all wages tend to rise, though the wages of some rise much faster than others.

What is industry explain?

Industry, group of productive enterprises or organizations that produce or supply goods, services, or sources of income. In economics, industries are generally classified as primary, secondary, tertiary, and quaternary; secondary industries are further classified as heavy and light.

What are the uses of industries?

Typical Industrial applicationsMetal processing.Pulp and paper processing.Mining.Oil production.Leather processing.Fibres and textile processing.Food processing and production.Plastics production.More items…