explain the importance of industrial sector in economic growth and development of indian ecocomy

Dear Student, The growth and development of industry is important for the development of the Indian economy because of the following points :- i. It uses labour intensive techniques of production and thus, helps in providing employment for the surplus labour in India; ii. The development of industries promotes the equality of income and wealth. The small scale industries required much less investment than the large scale industries and thus, were comparatively easy to establish. This implied greater opportunities for the Indian economy to enhance the income and wealth which will lead to reduction in inequalities; iii. The development of small scale industries in a region also attracted large scale industries. The coming up of large industries in turn boosts the process of development of the India; iv. When there is development of industries in the country, there will be the investment of large capital, use of modernmachineries, high degree of specialisation and large-scale operations. As a result, there will be greater productivity and higher national income; v. Industries will contribute to the development oftertiary sector, i.e. trade, transport communication , banking insurance, etc. Development of industries will be helpful in maintaining a proper balance between agriculture, industry and the tertiary sector, which is essential for the all-round economic progress of any nation. Development of industries will contribute to the expansion of existing industrial areas and growth of new industrial areas. Agriculture in India is not stable, as it is largely dependent on the vagaries of monsoons. On the other hand, industries are relativity more stable. In case of any doubts, do get back to us. Regards

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