Industries are the most important aspect of theeconomy. Industries refer to the production of aneconomic good or service with an a economy. Theprocessing of raw materials to finished goods andprovision for services is done by the industries. Forwhich three major factors are required. Raw Labour Capital materials
Industries maybe agro- based, marine based, mineral based or forest based. They can be classified as public and private. Industrial revolution led to the development of factories for large scale production with consequent changes in society . There is a term called ‘CREATIVE INDUSTRIES’ which we are not much familiar with. Creative industries do economic activities concerned with generation of knowledge and information. These industries provide services like advertising, architecture, films, music etc. They account for around 45 percent of revenue in the economy.
INDUSTRIALIZATION A process of socio-economic change that transforms a human group agrarian economy into an industrial one. Industrialization in India took place after Independence. Liberalization, Privatization and Globalization play a very important role in industrialization. It is means of modernization. Industrialization is needed in India because India needs to progress and become a developed nation from a developing one.
It includes application of Division of labour scientific methods IndustrializationAccompanied by social and It is a long term process economic changes
GROWTH OF VARIOUS INDUSTRIES AGRO-BASED INDUSTRIESIndustries which handle the processing of agriculturalproduce. Like sugar industry. It’s contribution to theGDP is 17.1 %.
SERVICE INDUSTRYConsists of transport and trade communication(THTC), Finance, insurance, real estate and businessservices (FIRBF), Communities social and personalservice (CSPS). It has grown over past 6 decades toalmost 60% of GDP. It contributed to 15% in 1950 andin 53.8 % in 2005, this shows that service sector in Indiaaccounts for over half of the country’s GDP.
IRON AND STEEL INDUSTRYOne of the important industries in India, Steelindustry reformed particularly in 1991-92 have ledto strong growth in India’s steel industry. India isthe 7th among all crude steel producing countries.
SUGAR INDUSTRYIndia is the second largest sugar producer in theworld. There are 571 factories in India 2005compared to 138 in 1950s. Production has increasedfrom 15.5 million tn in 1990s to 20.1 million tn in2002-03.
IMPACT OF INDUSTRIALIZATION• Major role in economic development for underdeveloped countries.• Provided a secure basis for a rapid of growth of income.• Helped in raising the standard of living• Provided employment, meeting high income demands• It brings in technological progress and change in the outlook of the people• Has decreased the dependency on foreign resources• The government took over the sick units which cannot be re-habiliated by the public sector financial institutions
CONCLUSION In spite of the benefits if Industrialization, there are setbacks. The major one being, poor infrastructure acting as a hindrance to the growth of the Indian economy. Also, the inefficient public sector has lead to corruption and therefore lowered the quality of production and industrialization. There is also a lack of skilled of labour which has slowed down the process of industrialization.In the case of creative industries and service industries, the growth has been steady and fruitful, contributing a lot to the strengthening oh the economy.
THANK YOU (We are still learning economics)By,Palak PatelHeer KhantForam VoraBinjal Samani
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