Role of Industrial Development in Economic Growth
In every country, industrial development is the source of advancement and modernization in agriculture and traditional growth. Some countries have backward traditions and low agriculture rate. In India, agriculture is below growth and traditions are very backward. Their cost of production is quite high from their own productivity. This makes a chaos in the economy of the country.
To maintain and establish the agriculture of any country, one needs to have good amount pesticides, chemical fertilizers and a lot more medicines for agriculture. Apart from this, there is also a requirement of huge group of farmers. The farmers will surely need tractors, threshers, pumps and above all, harvesters to harvest the crops. Without the establishment of industries, it is not possible to buy the above mentioned items and use them properly.
All the agricultural products like cotton, jute and sugarcane are raw items. In order to get the proper civilized and useful product at the end like textiles, sugar etc, you need industrialization. So, industrialization is the backbone of agriculture and its modernization.
-Development of Science and Technology
It is a matter of fact that industrial development causes the development of science and technology automatically. In this modern era, the development in science and technology is as important as anything else.
Due to industrialization, a lot of countries have established a huge success regarding science. Ethanol which transforms in the form of bio fuel is an example of industrialization. Basically, the task of industries is that they focus, search and then works on the wasted products to get some useful product in return.
-Importance of International Trade
Industrialization plays a vital role in the trade of any country. Countries which are agriculturally backward transform themselves through trading. Countries which are not developed yet and are considered as under developed countries are getting pro in exporting primary products and importing industrial products in result of this trade.
Agricultural products usually offer low prices and there is always elasticity in their price rates. However, on the other hand, industrial development offers high values and there is no elasticity found in their price rates. This causes a huge gap in the development of a country. In order to remove this gap regarding payments, there is need of importing substitute products or use export promotion technique through industrial development.
-Use of Natural Resources
According to a lot of well known people, India is a rich country which is inhabited by poor people. This clearly means that the country itself is very rich in minerals and other natural resources as well. But, the thing in which this country is at backlash lies in the fact that they lack technology. They do not have proper ways to extract those natural resources and make use of them.
British people took advantage of it. They used to buy the raw materials from India in very cheap rates and then utilize these raw materials in making a lot of useful and expensive items. India itself fights with poverty. However, on the other hand, England gained huge industrial development by getting those raw materials and utilizing them in proper way.
It is not wrong to say that industry plays a leading role in the establishment and development of economy in any country. One cannot attain any achievement and progress without having the advancements in the industry of that country. Production and employment of any country should be increased in parallel so as to improve the economy and industrial development of that country. This is the only way to bring economical growth in the country.
A country can never be able to produce the products of high and good services until and unless the production field may have good and proper terms with industrial progress. This is the only way out to enjoy the decent life and a standard living in such difficult phase of living.