Manufacturing Industries Flashcards
What is manufacturing?
Production of goods in large quantities after
processing from raw materials to more
valuable products is called manufacturing.
E.g., paper is manufactured from
wood
People employed in the secondary activities
manufacture the primary materials into
finished goods.
The economic strength of a country is
measured by??
The economic strength of a country is
measured by the development of
manufacturing industries.
IMPORTANCE OF MANUFACTURING
Manufacturing sector is considered the backbone of development in general and economic development in particular mainly because–
* Manufacturing industries not only help in
modernising agriculture, which forms the
backbone of our economy, they also reduce
the heavy dependence of people on
agricultural income by providing them jobs
in secondary and tertiary sectors.
- Industrial development is a precondition for eradication of unemployment and poverty from our country. This was the main philosophy behind public sector industries and joint sector ventures in India. It was also aimed at bringing down regional disparities by establishing industries in tribal and backward areas.
- 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 higher value are prosperous.
India’s prosperity lies in increasing and
diversifying its manufacturing industries as
quickly as possible.