Role of Industrial Sector in Indian Economy
Most nations depend on industrial development for economic growth. In the Indian economy, the industrial sector is especially important since without industries, development would not be possible. The country has different sectors feeding off each other that ensure the industrial sector is balanced.
Industries that contribute to India’s economy
There are several industries that contribute to the Indian economy and they include the steel industry, airlines industry, biotechnology industry, real estate, steel, tourism, and medical, hardware and electronics energy sector and textile industry. Apart from these industries there are others contributors that are just as important to the Indian economy.
Fertilizer industry for instance contributes more than 20% to the gross domestic product while the biotechnology industry has a promising future. The real estate industry in the country has also witnessed a large boom in recent years.
Role played by the industrial sector
- Speedy income growth-The industrial sector provides a base for income growth. The industries depend on-The industrial sector provides a base for income growth. The industries depend on manpower and India has great manpower. The country enjoys per capita income that is high because of industries.
- Employment-While India is known as an agrarian economy, agriculture does not offer employment. The industrial sector in the country solves this problem by ensuring the population enjoys employment opportunities.
- Foreign exchange-The country does not have the capability to earn enough foreign exchange from exports of primary products. Industrial exports contribute to the economy once added to primary products.
- Agricultural development-It is through the industries that the agricultural requirements in India are met. Agriculture needs farm machinery that is improved, pesticides and fertilizers. In addition to this, it also needs transport and storage facilities and all these are provided adequately by the industrial sector.
- Sustained growth-Rapid development of industries in India aid in promoting communication, transport as well as agriculture. Additionally, it also makes it possible to produce consumer goods in huge quantities and at prices that are low. What is more, it also eliminates overdependence on other countries.
- Balanced development-With agriculture alone, Indian economy would be unbalanced. However with the industrial sector, the disparity is solved. The industrial sector is the energy the Indian economy needs to continue expanding.
The GDP of India requires contribution from its major industries for it to be a success. Based on the manner GDP is calculated, it is clear that the industrial sector is of great importance to the country. In regard to United States Dollar exchange rate, the economy in India is ranked as the 12th largest. Despite the global recession that has been witnessed globally, the economy in India has great potential for growth because of its industrial sector.
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