How Industry Contributes To Economic Development

Описание: This video explains the role and importance of industry in economic development of a country.
How Industry Contributes to Economic Development?
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In the first part of the 18th century, the concept of industry became more frequently acknowledged.

Industry is important for economic development which means bettering people’s lives instead of improving just statistical indicators of economics.

An industry refers to closely related economic activities associated with one area of production.

Economy is defined as “the state of a country or region in terms of the production and consumption of goods and services and the supply of money.”

There are three levels of each Industry; primary level, secondary level, and tertiary industry.

For industrial development to take place, governments take various measures, such as providing tax incentives, subsidized power tariffs, and labor training facilities, etc.

Economic development occurs when all of the economic activity results in a decrease in poverty and an improvement in living standard.

Economic development in the true sense cannot occur if a society’s economic and industrial expansion does not benefit its citizens.

Industry produces goods that can be used to make more commodities, which is one of the fundamental indications for development.

Industry assists workers with training and development, improve their productivity, and give employment chances to a huge number of people.

Industrial output is used to sell to others and gain foreign exchange when the agricultural and service sectors are primarily meeting the requirements of the local community.

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How Industry Contributes to Economic Development

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