Contribution of Industry to National Economy


 
 
Concept Explanation
 

Contribution of Industry to National Economy

Contribution Of Industry To National Economy:  During the last 20 years, the share of the manufacturing sector has stayed at 17 % of GDP. This is much lower some East Asian economies, where it is 25-35 %. However, since 2003 manufacturing is once again growing at the rate of 9 to 10 per cent per annum. To develop the sector of manufacturing industries, government has developed different policies.

With these objectives, government has set-up the National Manufacturing Competitiveness Council (NMCC). The different industries also renewed their efforts to improve productivity. Due to these steps, economists assume that sector of manufacturing will achieve its target over the next decade.

Contribution of industries to a national economy by:-

  • a) Industries provide the production of goods and services.
  • b) Industrial sector adds to country's growth and provide wide variety of choices for consumers.
  • c) It ensure export of manufactured goods thereby adding to the country's foreign exchange. 
  • d) Helps in generating employment which increase the Per Capita Income
  • e) It helps in raising standard of Living of the Population.
  • f) By doing export & import activities , they helps in building better relationship with Other countries.
  • Sample Questions
    (More Questions for each concept available in Login)
    Question : 1

    Which of the following ports accounts for about fifty per cent of India 's iron ore export ?

    Right Option : C
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    Explanation
    Question : 2

    Industrial development helps in the eradication of unemployment and _______ .

    Right Option : B
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    Explanation
    Question : 3

    Give two examples of : Tertiary activities.

    Right Option : C
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    Explanation
     
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