Importance of Industries in Development of a Country

Importance of Industries in Development of a Country

A country’s backbone relies on number of factors and industries are one of them as to make a country economically strong and stable industries play a vital role. Any country which possesses a stable and strong industrial sector, proves to be a very well land for people to live as these countries get strong overall national income. Development in industries create a lot of difference in a country’s fate. It creates many opportunities in the form of jobs, power production and indigenous development.

Economic Stability

Economy of a country depends on number of factors. Relying only on agriculture is not sufficient. Although agricultural production increases exports of the country but a balance is to be created between the man-oriented and machine-oriented production. In agriculture, reliance is mainly on human efforts and less machinery is supposed to be incorporated. On the other hand, industrialization creates a balance between labor and machine and thus reduces the cost expenditure on labor while utilizing the same in getting job done through machines. Moreover, various industries contribute a lot in making a country’s economy strong by enormous production and exports.

Better Foreign Exchange Reserves

Better foundation of industrialization in a country increases reliance on exports and decreases the imports at the same time. This ultimately increase overall national assets and foreign reserves. Self-reliance produces very good results that makes a country strong enough to be economically stable. Indigenous production increases the cash flow and ultimately foreign reserves gets a boom.

Incorporation of Under-Utilized Natural Recourses

Once an industry is established, it covers a huge area of land that was formerly regarded as barren and was left without any utilization. Establishment of industries makes proper utilization of such lands and resources. As an impact overall value of the land in surrounding increase manifolds. This draws a huge difference in the form that more investment is now attracted towards that area. People start buying lands there and invest their money. The overall value of that area increases just because of utilization of the same land for establishment of industry.

Support for Other Economic Sectors

It is not wrong to say that with the development of industrial sector, other departments and sectors that are relevant to it must also be benefitted. Industries usually support the living style of farmers. It also provides machinery for the agricultural purposes. The machinery includes tractor and a lot of other modern inputs that can be helpful in agriculture.
Industries also provide weapons and arms that can be very useful for the defense of any country. Without these arms, a country can be very vulnerable to all its enemies. Industrialization provides infra structure for other sectors as well. It can improve the sectors such as communication, finance, construction, transport etc.

Improvement in Investment and Spending

Let’s talk about rise in the income of a person. Rise in the income improves the rate of savings. When the rate of savings got improved, the rate of investment and rate of spending also improves automatically. This causes a rapid growth in the development of any country. Hence, it is the matter of fact that improving the rate of income can be fruitful in a lot of different ways.

It is also the source of providing employment on huge basis. It is not wrong to say that due to the sudden increase in the employment rate of any country, most of the economic and social issues vanishes by themselves. As it is obvious that unemployment is the route cause of trouble making in the economy of any country. The major key point for the advancements in this field lies in the fact that unemployment should be reduced at any cost from the roots of the country. In that case, the country flourishes and people will enjoy the benefit of their investments in form of profits.

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