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Importance Of Industries

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CISCE: Class 10

Key Points: Importance Of Industries

  • Manufacturing industry converts raw materials into finished or semi-finished goods using the 4 M’s – Men, Money, Material and Machinery.
  • Industrial development is a key indicator of a country’s economic growth, self-sufficiency and foreign exchange earnings.
  • India has advantages like abundant raw materials, skilled manpower and a strategic location, which support industrial growth.
  • Industrialisation generates employment, reduces pressure on agriculture, and improves the standard of living.
  • Rapid industrialisation is necessary to ensure self-reliance, balanced regional development, technological progress and a favourable balance of trade.
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