Industrial Development is the synthesis ofcontributions from four major factors, namely, Business,Technology, Government and Labour and successful industrialprojects can be achieved only through a close co-operation andmutual understanding between these contributors..
Regarding this, what is the meaning of industrial development?
Industrial development is the motive force behindeconomic growth. Development of technology-intensiveindustries is often the guiding principle of government fora developing country with limited natural resources and asmall-scale domestic market.
Also Know, what do you mean by term industry? The term 'industry' implies an economicactivity involving goods production, mineral extraction orprovision of consumer services. Industry is the productionof goods or related services within an economy. The major source ofrevenue of a group or company is the indicator of its relevantindustry.
Also asked, what is the importance of industrial development?
Industrialization generates employment opportunities,provides educational opportunities, encourages advancement andinnovation, and better utilizes resources. All of these benefitsand more make industrial development extremely valuable to apopulation and the local economy.
Why is the industrial sector important?
The industrial sector provides the necessaryinputs to other sectors of the economy. For instance, itprovides agriculture with farm inputs such as tractors,fertilizers, chemicals and drugs. The industrial sector isan important employer for both skilled and unskilledlabour.
Related Question Answers
What are the types of industries?
There are four types of industry. These areprimary, secondary, tertiary and quaternary. Primaryindustry involves getting raw materials e.g. mining, farmingand fishing. Secondary industry involves manufacturing e.g.making cars and steel.What is the synonym of industrial?
modif. manufacturing, manufactured, mechanized,automated, industrialized, factory-made, machine-made, modern,streamlined, in industry, technical, metropolitan,smokestack; see also mechanical 1. Antonyms handmade*, domestic,handcrafted.What are industrial activities?
Industrial activity is where an employeeparticipates in and/or is a member of an industrialorganisation or industrial association. It also refers totheir refusal to join and/or participate in such anorganisation.What is the definition of industrial economy?
Definition. Generally speaking, the industrialeconomy concerns those activities combining factors ofproduction (facilities, supplies, work, knowledge) to producematerial goods intended for the market.What is an industrial workplace?
An industrial workplace is typically noisy.Employees wear ear plugs, hard hats, safety glasses or goggles,depending on the safety hazards of their particularworkplaces. Work shifts are carefully regulated byemployers, and employees may clock in and out of work whenthey start or end their shifts, or take breaks.What are the advantages of industrialization?
The advantages of industrialization are givenbelow: The growth of industries has resulted in large scaleproduction of goods which are available to the consumer at muchcheaper rates. There is saving of time and labor.Industrialization has resulted in a considerable rise in thestandard of living of the people.What makes an industry?
What Is an Industry? An industry is agroup of companies that are related based on their primary businessactivities. Individual companies are generally classified into anindustry based on their largest sources ofrevenue.What are examples of industrialization?
industrialization. noun. Industrializationis defined as the process of introducing manufacturing activity. Anexample of industrialization is turning a forest into anauto plant. YourDictionary definition and usageexample.What are the effects of industrialization?
The creation of power machines and factories providedmany new job opportunities. The new machinery increased productionspeed of good and gave people the ability to transport rawmaterials. Industrialization also lead to urbanization.Urbanization is the movement of people into cities and citybuilding.What is the role of economic development?
Economic development helps to protect the localeconomy from economic downturns by attracting andexpanding the region's major employers. The increased presence ofcompanies in the region translates to increased tax revenue forcommunity projects and local infrastructure.How did industrialization impact the economy?
The industrial and economic developments of theIndustrial Revolution brought significant social changes.Industrialization resulted in an increase in population andthe phenomenon of urbanization, as a growing number of people movedto urban centres in search of employment.What is a sentence for industry?
Examples of industry in aSentence He favors policies that promote industry. Sheinvested in several large industries. She became so popularthat a whole industry grew up around her and herimage.What are the 3 types of industries?
Industry can be divided into three maincategories. Recently Tertiary industry has been sub-dividedinto a fouth type. Extract raw materials (which are naturalproducts) from the land or sea e.g. oil, iron ore, timber, fish.Mining, quarrying, fishing, forestry, and farming are all exampleof primary industries.What is the difference between industry and company?
Industry refers to a particular sector ofeconomy that is either involved in manufacture of goods orproviding services. An industry is the sum total of all thecompanies that are involved in one particular activity or agroup of activities. Thus any industry is always bigger thana company or a group of companies.What is meant by term industry Ncert?
Class 8 Geography Chapter 5 Industries NcertTextbook Questions Solved. (i) Industry refers to aneconomic activity that is concerned with production of goods,extraction of minerals or provision of services. 
