Explain Industrial Development and its importance in brief

d.eandeconomicreform
cbse

#1

Industrial Development is considered to be a foundation stone to the economic development. No economy can develop itself without adequate industrial growth. It is more important for a developing country like India. In fact Indian economy is imbalanced. For a balanced and complete development of the country, industrialisation of the country is the need of the hour.
Importance :
(i) Increase in National Income.
(ii) Increase in per capital Income.
(iii) Significance in agricultural development.
(iv) Increase in productivity.
(v) Improvement in standard of living.
(vi) Increase in savings and investments.
(vii) Balanced Economy.
(viii)Useful for defence