Importance of Manufacturing Sector in Economy

Importance of Manufacturing Sector

• Manufacturing industries help modernize agriculture, which is the backbone of our economy, by providing jobs in secondary and tertiary sectors.
• They reduce people's dependence on agricultural income, thus eradicating unemployment and poverty.

Role in Economic Development

• Industrial development is a precondition for eradicating unemployment and poverty from the country.
• Public sector industries and joint sector ventures in India aim to bring down regional disparities by establishing industries in tribal and backward areas.

Benefits of Exporting Manufactured Goods

• Export of manufactured goods expands trade and commerce, bringing in much-needed foreign exchange.
• Countries that transform raw materials into a wide variety of finished goods of higher value are prosperous.

Interdependence of Agriculture and Industry

• Agriculture and industry are not exclusive of each other; they move hand in hand.
• Agro-industries in India have given a major boost to agriculture by raising its productivity, providing raw materials, and selling products such as irrigation pumps, fertilizers, and machines to farmers.

Competitiveness in Globalisation

• In the present day world of globalization, Indian industry needs to be more efficient and competitive.
• Self-sufficiency alone is not enough; our manufactured goods must be at par in quality with those in the international market to compete globally.

This quiz examines the significance of the manufacturing sector in economic development, its role in modernizing agriculture, and its impact on reducing unemployment and poverty.