Describe the importance of manufacturing sector in countries like India.
Points to remember:
Answer to be written:
The manufacturing sector is important for any country due to the following reason:
- The manufacturing sector is considered the backbone of economic development .
- The manufacturing sector helps modernise the agriculture sector . 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.
- Setting up manufacturing industries in tribal or backward areas helps in bringing down regional disparities.