Importance of industrialization in economic development. Role of Commercial Banks in economic development of country 2019-02-20

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Industrialization and Economic Development

importance of industrialization in economic development

The use of advanced technology increases the scale of production, reduces cost of production. In large scale industries, the surplus is very high. These policies could not meet the requirements of liberalised economy and foreign investments. While the quality of a population, as measured by health standards, educational levels, and technology, is vitally important in influencing a nation's cultural and economic progress, the capital and land requirements for attempting these lofty improvements are inseparable from the equation. The entire industry has been delicenced under the new industrial policy announced by the Government of India. Increase in agricultural productivity leads to increase in the income of rural population which is turn leads to more demand for industrial products, thus development of industrial sector.


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Importance of Industrialization Essay

importance of industrialization in economic development

Further, technological and commercial developments have incited a greater reliance on the as an economic and circulation space. This created a large workforce. Cities have better sanitation facilities, and health care is more widely available there. The federal government is the principal financier of the bank and also serve as a channel through which the world bank transfer credit to beneficiaries. The higher the index the more the country pursues strategies in which it does not have a comparative advantage. Toilet soap is, however, dominated by the large-scale units. To improve production and availability of newsprint, excise duty on newsprint has been removed.

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(PDF) The Importance of Industrial Parks in Economic Development

importance of industrialization in economic development

In identifying the importance of industrialization, Alhaji Mukhter Ahmed observed that the industrial development in Nigeria was not motivated by specific sets of institutional forces, but by the speculative notion of the promise, which industrialization holds for rapid economic growth. No wonder then why industrialization forms the centre prices of the development programmes of most third world nations including Nigeria. This implies that irrespective of the cost, an activity cannot take place without the transportation factor. The study revealed that industrialization has a negative impact on economic growth in Nigeria in the long run. The income of a worker in the industrial sector will be higher on average than that of a worker in the agricultural sector.

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The role of industrial policy in development

importance of industrialization in economic development

Lactic acid bacteria's sensitivity to antibiotics. The Company set up a 30,000 tonnes per annum tpa Demonstration Sponge Iron Plant at Kothagudem Andhra Pradesh in 1975 and the plant went into production in 1980. This encourages domestic and foreign investment, which increases employment opportunities. In case the majority of the people have to be kindled with the hopes of prosperity, this can be attained with the help of agricultural progress. These regions developed later, and their industrial centers are not as larege, but their economies are growing: -Southwest Asia -- Thailand, Malaysia, Indonesia, and Vietnam -Northern Africa--Cairo, and in S.

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The role of industrial policy in development

importance of industrialization in economic development

If agriculture fails to meet the rising demand of food products, it is found to affect adversely the growth rate of the economy. As a diversification measure, the Government approved the construction of a three million tonnes per year capacity Pellet Plant in Mangalore in May 1985. A different location strategy is used on islands and micro-states such as the Bahamas, Bahrain, the Cayman Islands, the Cook Islands, Luxenbourg, Liechtenstein, and Vanuatu. It is the policy of the government which particularly aim for nation's development. Detergents and toilet soaps are delicensed.


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Transportation and Economic Development

importance of industrialization in economic development

They are specializeed nodes in the geography of worldwide financial flows, with low tax and no tax settins for savings, havens for undeclared income and for hot money. The employment in the handicraft sector is expected to reach 76. The activity in the manufacturing sector is comprised of large, medium and small-scale. Industrialisation in a particular region brings growth of transport and communication. Enter your email address: Delivered by.


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Role of Industrialization in the Economic Development of India

importance of industrialization in economic development

The optimists have pointed to the long-term effects of industrialization. There is a direct relationship between , so container port development is commonly seen as a tool to capture the opportunities brought by globalization. The competence of the workers is of the utmost importance for the efficient use of human resources. The Plastic processing industry is predominantly in the small scale sector which provides direct employment to over two lakh persons. Therefore, finance is the life-blood of every organization. New classification of industries: Schedule A industries: Exclusive responsibility of the state. Agricultural Development :- Industrialization provides the machinery like tractor and modern inputs to the agricultural sector.

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Transportation and Economic Development

importance of industrialization in economic development

They can even make use of scraps and waste materials. It provides direct employment to 4. Thus, although transportation is an infrastructure intensive activity, hard assets must be supported by an array of soft assets, namely labor, management and information systems. By and large the indigenous manufacturers are capable of meeting the demand. In practice, Nigerian policy-makers have had tremendous room to manoeuvre.

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