Why Is Industry Important For A Country?

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..

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.

How did the Industrial Revolution improve people’s lives?

Rapid advances in the creation of steel, chemicals and electricity helped fuel production, including mass-produced consumer goods and weapons. It became far easier to get around on trains, automobiles and bicycles. At the same time, ideas and news spread via newspapers, the radio and telegraph.

Why are factories bad for the environment?

Industrial factories are major contributors to air pollution. The amount of toxic gases that factories release into the air increases health and environmental damages. In factories, toxic materials and gases, like carbon dioxide and methane, are burned and pumped out into the atmosphere.

What are the factors affecting industrialization?

Factors Influencing Industrial Productivity (Six Factors)(i) Technological Development:(ii) Quality of Human Resources:(iii) Availability of Finance:(iv) Managerial Talent:(v) Government Policy:(vi) Natural Factors:

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.

Why do we need an 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.

How does industry help the economy?

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.

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.

What is the role 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 was the first factory in the world?

Richard Arkwright is the person credited with inventing the prototype of the modern factory. After he patented his water frame in 1769, he established Cromford Mill, in Derbyshire, England, significantly expanding the village of Cromford to accommodate the migrant workers new to the area.

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 advantages and disadvantages of industrialization?

Advantages and Disadvantages of IndustrializationThe growth of industries has resulted in large scale production of goods which are available to the consumer at much cheaper rates.There is saving of time and labor.Industrialization has resulted in a considerable rise in the standard of living of the people.A number of substitutes in consumer goods are available.More items…•Jan 6, 2017

What were the main causes of industrialization?

Factors Supporting IndustrializationWestern Mining.Immigration.Government subsidies and tax breaks to railroads.Laissez faire attitude of the government.New sources of power.High Tariffs.Horizontal and Vertical integration.National Markets.More items…

What are the benefits of industrialization?

Industrialization generates employment opportunities, provides educational opportunities, encourages advancement and innovation, and better utilizes resources. All of these benefits and more make industrial development extremely valuable to a population and the local economy.

What are the positive and negative effects of industrialization?

Industrialization brought with it countless positive and negative effects. Products were cheaper, cities flourished, and more jobs were available. On the flipside, child labor and poor working conditions were two very real issues courtesy of industrialization.

What are the 5 largest industries in the world?

Global Biggest Industries by Revenue in 2021Global Commercial Real Estate. … Global Car & Automobile Sales. … Global Car & Automobile Manufacturing. … Global Direct General Insurance Carriers. … Global Commercial Banks. … Global Oil & Gas Exploration & Production. … Global Auto Parts & Accessories Manufacturing. … Global Tourism.More items…

What powers do factories have?

The main characteristic of the factory system is the use of machinery, originally powered by water or steam and later by electricity. Other characteristics of the system mostly derive from the use of machinery or economies of scale, the centralization of factories, and standardization of interchangeable parts.

What are the advantages of cottage industry?

Cottage and small-scale industries are labor-intensive and provide employment to 80% of the industrial labor force. This reduces the unemployment and offers opportunities for self-employment. Traditionally, women are not encouraged to work outside their homes.

What are the main features of industrialization?

Characteristics of industrialization include economic growth, the more efficient division of labor, and the use of technological innovation to solve problems as opposed to dependency on conditions outside of human control.