Role of industrialization in economic development. Role of Industrialization in Emerging Economy Free Essay Sample on childhealthpolicy.vumc.org 2022-10-09

Role of industrialization in economic development Rating: 7,4/10 760 reviews

Industrialization is the process of developing and increasing the productivity of the manufacturing sector of an economy. It is a key factor in economic development, as it leads to increased efficiency, higher output, and increased competitiveness in the global marketplace.

One of the main benefits of industrialization is the increase in productivity. As industries become more efficient and able to produce more goods and services in a shorter amount of time, they are able to meet the increasing demand for goods and services from a growing population. This increase in productivity leads to economic growth, as more goods and services are being produced and consumed, and more wealth is being created.

In addition to increasing productivity, industrialization also leads to the development of new industries and the diversification of an economy. As industries become more advanced and sophisticated, they are able to produce a wider range of goods and services, which leads to the growth of new industries and the expansion of existing ones. This diversification helps to spread the benefits of economic growth across the entire economy, rather than just concentrating it in a few sectors.

Industrialization also leads to the creation of new jobs and the development of a skilled labor force. As industries expand and become more complex, they require a larger and more skilled workforce to operate. This leads to the creation of new jobs and the development of a skilled labor force, which can help to reduce poverty and improve living standards.

However, industrialization also has its challenges. It can lead to environmental degradation, as industries often rely on the use of fossil fuels and other resources that can have negative impacts on the environment. In addition, it can also lead to social inequalities, as the wealth and benefits of industrialization are not always distributed evenly.

Despite these challenges, the role of industrialization in economic development cannot be denied. It has helped to drive economic growth, create new industries and jobs, and improve living standards around the world. While it is important to address the negative impacts of industrialization, it is also crucial to recognize its importance in driving economic development and improving the lives of people around the world.

ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF NIGERIA

role of industrialization in economic development

Moreover, policymakers should ensure that industrialization benefits all sectors of society and that material welfare gains do not compromise the environment. In cases where the resources are being utilized in the correct manner, it is normally through the intervention of international bodies which apparently intervene for their personal gain. Rural society is generally stagnant, urban society dynamic. When an economy is undergoing industrialization, economic development in inevitable since there is a balance in the different sectors of the economy. Atomic explosion at Pokhran Rajasthan and Agni Missile are examples of industrial growth. The world automobile leaders have evinced keen interest in India and are marking their entry through joint ventures and technology cooperation agreements.

Next

Importance of Industrial Sector in Economic Development

role of industrialization in economic development

National Graduate Institute for Policy Studies Manufacturing Management Research Center. The indigenous industry is equipped to meet the entire domestic requirement. Vietnam has already taken many steps to realize this goal, including the completion of the AFTA process, the conclusion of the bilateral trade agreement with the United States, intense negotiation for WTO accession, and preparation for other free trade areas FTAs. It implies that India is rich in natural resources but due to lack of capital and technology, these resources have not been tapped. Features of 1991 Industrial Policy: 1.

Next

Impact Of Industrialization On Economic Development

role of industrialization in economic development

Development of industrial sector means more investment, employment and production. The Government had completely de-licenced the paper industry from 17 July 1997. A developed country on the contrary is defined as a country which has the potential of providing its citizens with a healthy safe and free environment to live in. Industrialization brings structural changes in the pattern of foreign trade of the country. The country achieved self sufficiency in essential consumer goods. Copying the following Impact Of Industrialization On Economic Development material is against our Terms of Use. The Plastic processing industry is predominantly in the small scale sector which provides direct employment to over two lakh persons.

Next

What is the Role of Industrialization?

role of industrialization in economic development

The growth rate was 7. There has also been a proportionate increase in the concession on indigenous complex fertilizers. It plays a very important role in the economic development of a country. As a result, it facilitates modernization of agricultural technology. Most of the present economic problems in Pakistan are ultimately linked to the slow pace of industrial development. In other cases, these resources are being used by the local communities but for the wrong reasons Thirwall 2011, p. But there was no encouragement for foreign ownership and control.

Next

Role Of Industrialization In Economic Development Economics Essay

role of industrialization in economic development

The plant has been producing quality sponge iron suitable for steel making. Role of Industrialization As the industrial revolution as began the process of growth and development started to emerge, a contribution to state or country started to evolve on the economic field. Industrialization creates alternative sources of employment especially during the seasons between planting and harvesting Ray 1998, p. Theory of Economic Growth, Routledge. Employment security in manufacturing tends to be superior to that in agriculture or services, and there is lower scope for and actual trends towards actualization, outsourcing and other forms of atypical employment at least domestically. As a diversification measure, the Government approved the construction of a three million tonnes per year capacity Pellet Plant in Mangalore in May 1985. The Industry has witnessed a steady increase in installed capacity and production over the decades.

Next

INDUSTRIALIZATION ON ECONOMIC GROWTH AND DEVELOPMENT

role of industrialization in economic development

Public Sector Undertakings: The public sector has been playing a domoinant role in the fertilizer industry. To meet the deficit in balance of payments we have to produce import substitute products or go for export promotion through industrial development. The company has floated a subsidiary company called Hindustan Fluoracarbons Limited for manufacturing of polytetrafluoroethylene PTFE. It will highlight some obstacles hindering increase in industrialization and industrial output in Nigeria. After industrial revolution, the big city got more environment and condition. Most of these capacities are in the public sector, in companies such as BHEL.

Next

Role of Industrialization in the Economic Development of India

role of industrialization in economic development

Growth of Infra structure: Rapid industrial growth has resulted in the expansion of infrastructural facilities. Rather, starting from a situation where a rich and a poor group of countries coexist, the models outline mechanisms that make industrialization spread in waves from country to country causing a few countries to make a rapid transition from the poor to the rich club. Cooperative Sector: Indian Farmers Fertiliser Cooperative Limited IFFCO incorporated on 3 November 1967 and Krishak Bharati Cooperative Limited KRIBHCO incorporated on 17 April 1980 are multi-state cooperative societies under the administrative control of the Department of Fertilizers. The government of Pakistan nationalized industrial sector in 1970s. The date used is a secondary data, which was obtained from the publication of the central bank of Nigeria statistical bulletin and the amial report of accounts.


Next

Role of Industrial Development in Economic Growth

role of industrialization in economic development

It also produces stretomycin, haymycin and autofungin, besides formulation. Manufacturing Sector in Regional Countries Role of industrialization in economic development The role of industrial sector is summarized as follows: In industrialization there is optimum utilization of scarce resources. Industrialisation and Urbanisation: Urbanisation succeeds industrialisation. This process differs from one country to another depending on the availability of technology and physical capital. At present there are 39 mills with an installed capacity of about 8. Second they will reduce their imports since they will be able to produce their own finished products Lewis 2003, p. Compared to the developed nations, which are largely Industrial Economies, the under-developed nation are predominantly agricultural economies.

Next

The role of industrialization in economic childhealthpolicy.vumc.org

role of industrialization in economic development

In the areas where the industries are being developed, there has to be enough housing to cater for the employees working in the industries. Indian Jute Industries Research Association IJIRA , Calcutta, registered under the West Bengal Societies Registration Act, 1961, is are autonomous cooperative research organisation under the administrative control of the Ministry of textiles. The industrial enterprises conduct research and develop new products. The construction of a transistor radio plant develops the small battery industry backward linkage. HAL has three subsidiary companies, promoted in collaboration with the respective state government, Karnataka Antibiotics and Pharmaceuticals Limited KAPL , Bangalore; Maharashtra Antibiotics and Pharmaceuticals Limited MAPL , Nagpur and Manipur State Drugs and Pharmaceuticals Limited MSDPL , Impala.

Next