Explain any four importance of industries for a developing country like India.
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The importance attached to industries for a developing country like India is large because of the following reasons:
- Most of the industries in India (small scale and cottage) are labour intensive, so they generate more employment, per unit of production.
- The above industries make use of local resources and thus utilize them fully.
- Several important industries (large scale industries) had to be developed very rapidly to ensure economic development. But these required a lot of capital or investment and had a longer gestation period.
- In order to prevent the concentration of economic power in the hands of the few (private sector), it was essential that public sector be given a leading role in the industrial development of the country.
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