Quick Answer: What Is The Important Of Industry?

What is industry and its importance?

Industries play an important role in the economic development of any nation .

without industries, economic development is impossible.

The various favourable factors present in the country for the development of industries are: The country is rich in natural resources, such as minerals, forests, fisheries, etc..

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.

What is the role of IT industry?

Information technology can helps Business through Communication, Inventory management, Management Information Systems, Customer Relationship Management, etc. Communication plays an important role in maintaining the relationship between employees, suppliers, and customers.

What is the importance of industry?

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. It also eliminates our dependence on other countries for the supply of essential goods.

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 are the six industries?

A quick glance at six industries — chemicals, retail banking, consumer packaged goods, engineered products and services, oil and gas, and technology — illuminates their overlapping challenges and the range of strategic responses that are taking shape.

Which is the biggest industry?

In a Deloitte industry outlook, the revenue of the global public cloud service, one of the fastest-growing branches of technology, is projected to reach $308 billion by 2021 and $354.6 billion by 2022. Artificial intelligence revenues on the other hand are expected to reach $100 billion in 2021.

What is the importance of industries in human life?

Industries provide machinery like tractors and modern inputs to the agricultural sector. It improves the working and live-style of the farmers. Industries also provides arms and ammunition for the defence of a country, without these the country will become extremely vulnerable.

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.

Why do we need industrialization?

Industrialization has been instrumental in the economic development of the world. The process has improved productivity and allowed for mass production, which has increased standards of living.

What is the importance of agriculture?

Agriculture is the main source of national income for most developing countries. However, for the developed countries, agriculture contributes a smaller per cent age to their national income. Agricultural sector provides fodder for domestic animals. Cow provides people with milk which is a form of protective food.

What is industry and its types?

The industry refers to the production of finished goods from raw materials. It denotes the production activities of the business. … A group of firms which produce the same goods and services are termed as an industry. The industry is a business which involves processing, raising, and producing goods.

What are the three main industries?

Primary industry involves getting raw materials e.g. mining, farming and fishing. Secondary industry involves manufacturing e.g. making cars and steel. Tertiary industries provide a service e.g. teaching and nursing. Quaternary industry involves research and development industries e.g. IT.

How do industries help us?

Increased Employment Opportunities Industrialization provides increased employment opportunities in small- and large-scale industries. In an industrial economy, industry absorbs underemployed and unemployed workers from the agricultural sector, thereby increasing the income of the community.

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 are the types of industry?

Industry sectorsPrimary sector of the economy (the raw materials industry)Secondary sector of the economy (manufacturing and construction)Tertiary sector of the economy (the “service industry”)Quaternary sector of the economy (information services)Quinary sector of the economy (human services)

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.