Answer the following question.
Why is the economic strength of a country measured by the development of manufacturing industries? Explain with examples.
The manufacturing sector is considered as the backbone of development in general and economic development in particular mainly because of the following reasons:
- Manufacturing sector help in modernizing agriculture which is considered as the backbone of our economy. It also reduces the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.
- Industrial development is a precondition for the eradication of unemployment and poverty from our country. This was the main philosophy behind public sector industries and joint sector ventures in India.
- The 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 a higher value are prosperous.
- Hence, India’s prosperity lies in increasing and diversifying its manufacturing industries at a faster phase. It can also be said that the economic strength of a country is measured by the development of manufacturing industries.