How are industries helpful for the development of a country?

Accumulation of Wealth: Development of industries helps the country to accumulate higher volume of wealth for the welfare of the nations as the per capita output in industry is much more higher than that of agriculture.

How industries are useful for our country India?

These industries provide so many benefits to the economy i.e. employment generation, production of goods and services, equal income distribution in the whole economy. Service sector contributes 60\% of the Indian GDP while agriculture gives around 14\% of GDP.

How is India huge population beneficial for its growth and development?

Secondly, it has been pointed out that the increase in population leads to the increase in demand for goods. Thus growing population means the growing market for goods is enlarged, they can be produced on a large scale and thus economies of large-scale production can be reaped.

Why are industries useful?

Importance of industry Industrial development aids in the reduction of unemployment and poverty. Industrial development can generate foreign exchange by exporting finished items, allowing it to expand trade and commerce.

Why is industry important for us?

– EMPLOYMENT GENERATION: Industry is an important source of job creation. – IMPROVEMENT IN THE PEOPLE’S LIFE STANDARD: the generation of employment by the industries is an opportunity for workers to qualify and seek advanced knowledge, which results in a financial and quality of life improvement.

Why is industry important in an economy?

The industry is a fundamental activity in the economy of any country, and it’s responsible for the processing and the transformation of natural products (raw materials) into other finished and semi-finished products.

What is the positive thing about India’s population?

With the increased populace, economies are blessed with a large labor force, making it cheaper as well, due to its immense availability. An increase in labor availability and a low cost for labor results in a huge rise in employment as businesses are more inclined to the cheap labor.

How does population affect development?

The effect of population growth can be positive or negative depending on the circumstances. A large population has the potential to be great for economic development: after all, the more people you have, the more work is done, and the more work is done, the more value (or, in other words, money) is created.

What is India’s most important industry?

Textile Industry (Cotton and Synthetic) Taking all three sectors into consideration, the textile industry is the largest industry in India. It accounts for around 20 percent of the industrial output and also provides employment to over 20 million individuals.

What are the advantages of industries?

List of the Advantages of Industrialization

• Industrialization brought us the current import-export market.
• It allows us to become more productive.
• Industrialization makes goods and services more affordable.
• It improves the quality of life for each person and household.
• Industrialization improved our medical care.

What is industrial development India?

A large number of industries have been established in the post-independence India in private, public and joint sectors. About 10 per cent of the total workers are employed in the organised industrial sector. Both private and public sectors have grown side by side since independence.

What are the positive and negative effects of population growth on economic development?

Population may be considered positive hindrance in the way of economic development of a country. In a ‘capital poor’ and technologically backward country, growth of population reduces output by lowering the per capita availability of capital. Too much population is not good for economic development.