“The economic strength of a country is measured by the development of manufacturing industries”. Elaborate the statement.

Question

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Solution

The economic development of a country is measured by the development of manufacturing industries by the following ways:

Manufacturing industries generate employment opportunities by providing people with alternative jobs in the secondary and tertiary sector, apart from the agricultural sector, thereby reducing heavy dependence on agricultural income.
The problems of eradicating unemployment and poverty can be addressed through the process of industrial development. This has been the underlying idea behind the establishment of the public sector and joint sector ventures.
India is a diverse country, comprising of people belonging to different cultures and religions, having their own regional identities. The initial establishment of industries in tribal and backward areas was generally aimed at reducing regional disparities.
The production of manufactured goods leads to significant expansion of trade and commerce, thus, bringing in the considerable amount of foreign exchange.
The transformation of raw materials into furnished goods is the path to prosperity, India, a country that has an abundance of raw materials can achieve its development goals by increasing and diversifying its manufacturing industries.

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