Discuss the importance of industries

Industrial development has played very important role in the improving the economic condition of the various countries. Every country also wants to remove the poverty by improving the industrial sector.
Following are the main advantages of industrial development:

1. Increase in Employment:-When the development of industrial sector the employment opportunities can increase and rate of unemployment can reduce. In South Asia the rate of unemployment is very high. So industrial development is very useful for achieving the full employment in the country.

2. Increase in GNP:-Due to the industrialization the production of the country increases. The resources of the country are properly utilized. In other words the national income of the country increases. Now the share of industrial sector is increasing day by day in the GNP.

3. Raise in Standard of Living:-Industrialization increases the efficiency of the worker. A rise in income of the worker raises the standard of living of the people.

4. Increase in Government Revenue:-With the expansion of industries the collection of taxes like excise duty and income tax increases.

5. Increase in Social Welfare:-Industrial development increases the revenue of the government which is spent on the welfare of the people. New roads, dams, buildings and parks are constructed.

6. Increase in Investment:-Industrialization will increase the income of the people. With the rise in income, rate of savings and rate of investment will rise which is compulsory for achieving the rapid growth rate.

7. Development of Other Sectors:-Industrial development is useful in improving the other sectors like transport, construction, agriculture and communication.

8. Improvement in the Balance of Payment:-Now due to industrialization the share of manufactured goods is increasing in exports day by day. It is favorable trend for balance of payment.

9. Specialization:-Industrialization promotes the specialization which increases the quality and quantity of product.

10. Importance for Defense:-Industrially developed country can make arms and ammunition for the defence of the country. Today we can not depend upon other countries.

11. Expansion of Market:-Industries will increase the demand of various goods. So the market of various gods will expand.

12. Agricultural Development :-Industrialization provides the machinery like tractor and modern inputs to the agricultural sector. It improves the economic condition of the farmers.

13. Use of Raw Material:-Due to industrialization we can use cotton and sugarcane in the domestic industries. It has increased the income of the people and there is no need of export raw material.

14. Utilization of Natural Resources:-In some countries are lot of barren land and minerals. There is
a need of industrial development to utilize the resources. Coal, gas, oil resources are available but it sir
in lack of industrialization we cannot use it.

15. Increase in Foreign Exchange Reserve:-Due to industrial development, there will be a rise in foreign exchange earnings. The exports will rise and imports will fall. Self sufficiency increases with the industrialization.

16. Economic Stability:-A country which depends upon agriculture sector only can not achieve economic stability. While industrialization provides economic stability to the country.

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francis1897 answered the question on January 12, 2023 at 12:43