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Question

Why is the economic strength of a country measured by the development of manufacturing industries? Explain with examples.

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Solution

The economic strength of a country is measured by the development of manufacturing industries. These industries act as the backbone of the economy in the following ways -
  • Manufacturing industries help in modernizing agriculture.
  • The utilization of huge volume of natural resources has become possible with the development of industries in the country.
  • Increasing volume of investment in industries has led to enhancement in the rate of capital formation in the country.
  • Organized and unorganized industries are jointly contributing a good portion of the total national income of the country.
  • These modernize agriculture.
  • These eradicate unemployment and poverty.
  • They help in earning foreign exchange.
  • They help in bringing down regional disparities.
  • They help in reducing the pressure from agriculture by setting up of industries in rural areas.

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