What is meant by economic infrastructure? Explain its importance in economic development.
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Economic infrastructure plays a vital role in promoting the economic development of a country by enhancing the productivity of factor inputs (like land, labour, capital and organisation) and also by bringing about an improvement in the quality of life of its inhabitants. It plays a very important role in the economic development.
Infrastructure is the support system, which infact determines the efficiency of a modern industrial economy.
Modernisation of agriculture also depends upon large scale and speedy transportation of fertilisers, seeds, pesticides etc. Alongwith, it also depends upon modern railways, roadways and shipping facilities.
Not only that insurance and the banking sector too facilitate agriculture in its modernisation process.
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Categories canals, houses, schools, railways, ships, hospitals, banks, development banks, aerodromes, courts, power plants, transmission lines and satellites into economic and social infrastructure.