Importance of Manufacturing
- In general, the manufacturing sector is considered the backbone of economic development in particular because of the following reasons:
- The manufacturing sector helps modernise the agriculture sector , which is the backbone of our economy . It also reduces the dependency of people on agriculture by providing them employment in the secondary and tertiary sectors.
- Industrial development helps in the eradication of poverty and unemployment . This was the main philosophy behind the public sector industries and joint sector ventures in India. I t also aimed to bring down regional disparities by establishing industries in tribal and backward areas.
- The export of manufactured goods expands trade and commerce and brings in foreign exchange.
- Countries that can transform their raw materials into a wide variety of finished goods of a higher value are considered prosperous . India’s prosperity lies in increasing and diversifying its manufacturing industries .
Agriculture and industries move together.
- For instance,
- The agro-industries have given a boost to agriculture by raising its productivity .
- Industries depend on agriculture not only for raw materials but also to sell their products like pesticides , fertilisers , insecticides , machines and tools etc.
- Thus, manufacturing industries have not only assisted agriculturists in increasing their production but also made the production process more efficient .