Question: What Is The Importance Of Industry?

What are the importance of industries in 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..

What is industry and its importance?

Industries play an important role in the economic development of any nation . without industries, economic development is impossible. … The various favourable factors present in the country for the development of industries are: The country is rich in natural resources, such as minerals, forests, fisheries, etc.

What is Industrialisation and its importance?

Industrialization generates employment opportunities, provides educational opportunities, encourages advancement and innovation, and better utilizes resources. All of these benefits and more make industrial development extremely valuable to a population and the local economy.

What are the 5 factors of industrialization?

They are land, labor, capital, technology and connections.

What is the importance of industries Class 10?

Manufacturing sector is considered the backbone of development in general and economic development. (i) Manufacturing industries helps in modernising agriculture. (ii) It reduce the heavy dependence of people on agriculture income by providing them jobs. (iii) Helps in eradication of unemployment & poverty.

What are the benefits of industrialization?

Industrial Development and Economic GrowthIndustrialization Improves Profits. … Industrial Development = Modernization. … Industrial Development Leads to Urbanization. … Industrial Development of One Industry Leads to Growth in Others. … Industrialization Reduces Unemployment & Poverty. … Industrialization Leads to a Higher Standard of Living.

What are the importance of small scale industries?

Small scale industries are important because it helps in increasing employment and economic development of India. It improves the growth of the country by increasing urban and rural growth.

What are the classification of industries Class 10?

Agro based industries – cotton, woolen, jute, silk, textile, etc. Mineral based industries – iron, steel, cement, aluminium, etc. Basic industry – industry which supply their products as raw material to other industries. eg- iron and steel, aluminium smelting.

What are the 4 types of industry?

There are four types of industry. These are primary, secondary, tertiary and quaternary.

What is an industry class 10?

Industry is a place where products are produced by the agricultural products or by raw materials. For example- Cotton is produced by cotton plant, so, it is agricultural product. it is found as raw material. then raw cotton goes to cotton textile mills and cotton clothes are made by raw cotton.

What is the importance of cement industry class 10?

Cement is essential for construction activities like building houses, factories bridges, roads etc. Transportation of bulky goods over long distances within a country or for for foreign trade requires good all weathered mettalic roads which inturn require cement in large quantities.

Why is industry important for us?

Industrial growth helps in reducing the unemployment and poverty. Industrial growth can earn foreign exchange by exporting the finished goods and thus, can expand its trade and commerce. Because they provide us various devices useful for us. they make it from raw material.

What are 3 major industries?

Major industriesAgriculture.Manufacturing.Services.

What are the 3 major industries in India today?

Answer: The major industries in the Indian Economy are Iron & Steel, Textiles, Jute, Sugar, Cement, Paper, Petrochemical, Automobile, Information Technology (IT), and Banking & Insurance.

Why industries are important for a country?

Industries play a vital role in the development of a country’s economy. … A number of public and private companies operate in an industry, which may manufacture the same goods or provide the same services, but follow different strategies and guidelines to operate their businesses.

What is industry explain?

An industry is a group of manufacturers or businesses that produce a particular kind of goods or services. … Industry comes from the Latin industria, which means “diligence, hard work,” and the word is still used with that meaning.

What is the role of industry in economic development?

Industry is viewed as leading sector to economic development. We can have economies of scale by applying advanced technology and division of labour and scientific management. So production and employment will increase rapidly. This will bring economic growth and capital formation.