Importance of Manufacturing Sector in Economy
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Questions and Answers

What is the primary reason why the manufacturing sector is considered the backbone of development?

  • It brings in foreign exchange through exports
  • It eradicates unemployment and poverty
  • It reduces dependence on agricultural income (correct)
  • It helps in modernizing agriculture

    • What was the main philosophy behind public sector industries and joint sector ventures in India?

  • To reduce unemployment and poverty
  • To increase foreign exchange
  • To bring down regional disparities (correct)
  • To modernize agriculture

    • What is the significance of export of manufactured goods?

  • It brings in foreign exchange and expands trade and commerce (correct)
  • It reduces unemployment
  • It eradicates poverty
  • It increases agricultural production

    • Why is it essential for India to increase and diversify its manufacturing industries?

    <p>To achieve prosperity by transforming raw materials into finished goods of higher value</p> Signup and view all the answers

    What is the relationship between agriculture and industry?

    <p>They move hand in hand</p> Signup and view all the answers

    How have agro-industries in India impacted agriculture?

    <p>They have increased agricultural productivity</p> Signup and view all the answers

    What is the need of the hour for Indian industry in the present day world of globalisation?

    <p>To be more efficient and competitive</p> Signup and view all the answers

    What is the quality standard that Indian manufactured goods must meet?

    <p>International quality standards</p> Signup and view all the answers

    Study Notes

    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.

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    Description

    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.

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