What is the importance of the manufacturing industry for the Indian economy?

The manufacturing sector is considered the backbone of development in general and economic development in particular. They help in modernising agriculture and also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.

What is the importance of the manufacturing industry in the economy?

A vibrant manufacturing base leads to more research and development, innovation, productivity, exports, and middle-class jobs. Manufacturing helps raise living standards more than any other sector. Manufacturing generates more economic activity than other sectors.

What is the importance of the manufacturing industry for the Indian economy class 10?

Importance of Manufacturing

(i) Manufacturing industries helps in modernising agriculture. (ii) It reduce the heavy dependence of people on agriculture income by providing them jobs. (iii) Helps in eradication of unemployment & poverty. (iv) Helps in bringing down regional disparities.

What is manufacturing write the importance of manufacturing?

Manufacturing means producing goods in large quantities after processing from raw materials to more valuable products. Manufacturing helps transforming the raw materials into finished goods on a large scale and thus helps earning profit as finished goods are costlier than raw materials.

What is the importance of manufacturing process?

Manufacturing provides the foundation for many kinds of innovations. If manufacturing processes are immature or the know-how needed to develop the product or process to produce the product is tacit and not well codified, you cannot innovate in a country if the factories are on the other side of the world.

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What is the importance of manufacturing industries Class 10 geography?

Importance of Manufacturing

The export of manufactured products increases trade and commerce and provides much needed foreign currency. Manufacturing industries contribute to the modernization of agriculture through the creation of jobs in the secondary and tertiary sectors.

What is the importance of an industry?

– EMPLOYMENT GENERATION: Industry is an important source of job creation. Even with the country’s economic crisis, with industry being one of the sectors that suffered the most, it still plays an important role in the development of the economy.