question_answer Answers(2) Industrial growth helps in reducing the unemployment and poverty. Industrial growth can earn foreign exchange by exporting the finished goods and thus, can expand its trade and commerce. Because they provide us various devices useful for us. they make it from raw material.
Why do we need industries in short?
Small scale industries are important because it helps in increasing employment and economic development of India. It improves the growth of the country by increasing urban and rural growth. The industry is a sector in which the production of goods is a segment of the economy.
How industries are useful to us?
Better utilization of natural resources: Thanks to the high volumes of resource consumption by large industries. Support of other economic sectors: The industrial sector also helps with the development of other economic sectors when industries collect different raw materials to transform them.
What is the role of industry?
Industry is viewed as leading sector to economic development. We can have economies of scale by applying advanced technology and division of labour and scientific management. So production and employment will increase rapidly. This will bring economic growth and capital formation.
What are the four industries?
There are four types of industry. These are primary, secondary, tertiary and quaternary.
What are disadvantages of industry?
The biggest disadvantage of industries is that it leads to increase in pollution as many units emit poisonous gases which over the years have turned out to be the major cause behind global warming.
What are advantages and disadvantages of industry?
The growth of industries has resulted in large scale production of goods which are available to the consumer at much cheaper rates. There is saving of time and labor. Industrialization has resulted in a considerable rise in the standard of living of the people. A number of substitutes in consumer goods are available.
What is the most important advantage of having industry?
Through industrialization, machines help people do their work more quickly. As productivity is optimized, more products are made, and therefore, the surplus results in cheaper prices. Some may argue that this advantage is the most significant one as it affects economic growth immensely.
