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Question
Explain the factors affecting industrial development.
Explain
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Solution
Industrial development is essential for economic development. There are some factors which influence the industrial development, they are
- Government policies: Government policies have a very important role in influencing industrial development. When the country’s economic policies are very rigid then setting up a new industry will be difficult. When the economic policies are very flexible, then the development of industries will be easier. Industrial development is very faster in China compared to India because of the economic policies.
- Labour: Cheap labour is another main factor for the industries. When there is cheap labour, it will reduce the cost of production. Low cost of production combined with higher will result in more profit thus leading to industrial development.
- Raw materials: The industry needs raw materials for the production process. The industries mainly locate in such a place that there will be easy access to the raw materials or make sure that there is adequate transportation facility to transport the raw materials.
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