Question

Give four reasons why the development of industry is regarded as essential for economic development in India.

Give reasons why the development of industry is regarded essential for economic development in India.

Answer 1

Importance of Industries

1. A rapid increase in national income and per capita income would largely be possible through rapid industrialisation, as industrial productivity is greater than agricultural productivity.
2. The pressure on Indian agriculture could be reduced by shifting surplus labor into industry.
3. Industries provide agricultural machines, pesticides, insecticides, chemical fertilisers, etc., to agriculture.

Answer 2

Four reasons why the development of industry is regarded as essential for economic development in India are:

1. Increasing Employment Opportunities: India has a large surplus labor population due to rapid population growth and improvements in agricultural technology. Industrial development creates more job opportunities, helping to reduce unemployment and underemployment.
2. Exploitation of Resources: Industries help utilize the vast and varied natural and human resources of the country, including scraps and waste material that agriculture alone cannot effectively use.
3. Increase in Export Earnings: Rapid industrialization allows India to diversify its exports by producing higher-value industrial goods rather than just primary products, thereby increasing foreign exchange earnings.
4. Support to Agriculture: Industrial development supports agriculture by producing tools, equipment, and inputs like fertilizers and pesticides, providing a market for agricultural produce through agro-based industries, and absorbing surplus agricultural labor, leading to overall balanced economic development.