How is manufacturing sector considered the backbone of economic development of the country? Explain any three points in this regard.
OR
“The economic strength of a country is measured by the development of manufacturing industries”. Support the statement with arguments.
OR
“The economic strength of a country is measured by the development of manufacturing industries”. Support the statement with arguments.
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Manufacturing sector is considered the backbone of development in general and economic development in particular mainly because:
- Manufacturing industries not only help in modernising agriculture, which forms the backbone of our economy, they also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.
- Industrial development is a precondition for eradication of unemployment and poverty from our country. This was the main philosophy behind public sector industries and joint sector ventures in India. It was also aimed at bringing down regional disparities by establishing industries in tribal and backward areas.
- Export of manufactured goods expands trade and commerce, and brings in much needed foreign exchange.
- Countries that transform their raw materials into a wide variety of furnished goods of higher value are prosperous. India’s prosperity lies in increasing and diversifying its manufacturing industries as quickly as possible.
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