Provides advanced technology for agriculture
The industry provides advanced instruments and equipment for effective farming practices. Advancement in the technology of agricultural farming practices enables farmers to increase their productivity. It reduces the complications and increases the capability of farming practices.
If we compare the farming practices 50 years ago with the traditional methods and the farming practices today with advanced equipment, we come to know that there is a significant and important role of industry in providing advancement in agricultural technology.
Example
1 animal livestock was used to perform basic activities of farming many years ago. But now most of the farmers use tractors and other equipment to perform different farming activities.
2 harvesting and post-harvesting methods used to make ready the agricultural produce for transportation are much more advanced in today’s farming practices. The technology or machinery used to perform the various activities reduces the time required to complete the work and reduces the cost spent. Earlier it was done manually which took more time and cost.
A significant contribution to the export
Industry or manufacturing sector perform an important and effective role in increasing the export. Exports of many agri-based products, electronic products, food products, textiles, tea, jute, etc. These products are processed, manufactured, and exported in the countries where demand is higher.
Industry processes the agriculture produces and produces the product which can be sold in the international market. Many products in India where imported from other countries are now manufactured in India and some products are exported in the outside markets.
Example
1 DRDO It’s a government organization in defense equipment manufacturing that is now capable of producing defense equipment that can be sold in the international market.
2 ISRO is the Space Research Organization of India capable of completing a number of operations projects for other countries and exporting our indigenous technology to other countries. This can be a significant contribution to the export of various defense and research equipment to the countries where they are demanded.
Israel can be an organization of government that can produce a huge revenue by completing a number of projects with the help of industry or manufacturing sector organizations. It can be a significant contribution to boost the export.
Generate employment
Industry or manufacturing sectors have grown a lot in the last two decades. This growth is attributed to the generation of employment and provides opportunities for young talent to utilize and contribute to the growth of the industry. Industrial manufacturing sectors play a very vital role in generation of the jobs for engineers, managers, and workers.
If we talk about the employment generated in the agriculture sector wake up to know that the requirement of manpower was nonskilled in the agriculture sector. Whereas the requirement of Manpower in industry or manufacturing is skilled as well as nonskilled many educated students can have much more opportunities to utilize their talents and screw make the carrier along with a significant contribution to the growth of the industry.
Example
- Tata Motor established a manufacturing plant in Gujarat Which has been created huge employment in that state.
- MNCs are establishing their new manufacturing plants in various areas to expand their business. Their expansion is attributed to creating employment.
- Advancement in the agricultural sector, health care sector, and many other sectors He’s responsible for creating the use and demand for a number of products that can be produced by the industry or manufacturing sector. The manufacturing sector has an opportunity to provide the required products to these sectors. Many manufacturing companies are involved in producing healthcare equipment and agricultural sector equipment
Contribute to the growth of GDP
The growth of the GDP of any economy depends upon the growth of manufacturing or industry and other sectors that contribute to the monitor value of all-you-could-sell services. Manufacturing or industry sector Involve in value addition of all raw products which may come from agriculture or other allied activities. These finished valuated quotes can be sold and exported across the globe.
The agricultural sector’s contribution during independence was more than 50% but it has reduced to 12 to 17% now.
The reduction in Agriculture in September not only aids agriculture but also it is due to the growth of the industry or manufacturing sector. Growth of industry or manufacturing enhanced the contribution more than agriculture in the GDP.
Industry or manufacturing sectors’ growth is due to the technological advancement implemented in all the areas and globalization made possible adoption of innovation across the globe. This growth of manufacturing is responsible for the production of a number of innovative products which contributes to the growth of GDP. Globalization is responsible for sharing the technology across the boundaries which boosts the manufacturing sector’s growth.
Example
The adoption of touch screen technology is responsible for the manufacturing of mobile phones and any other electronic devices. The touchscreen technology is shared by the country from where it originated to all the economies. And this new technology is responsible for the demand for that advanced product in the market. And the increased demand pushes the manufacturing capacity. This increased manufacturing capacity produces products in huge quantity that contributes to the growth of GDP.
The capacity to produce agricultural products is due to the genetically modified seeds. Innovation and advancement in agriculture are responsible for producing the agricultural produce production attributes to contribution to the growth of GDP.
Rising the income of the people
Growth in industry or manufacturing central helps to grow our economy or GDP. If the people involved in manufacturing or industry work they can contribute to the growth and development of the industry. Industrial growth or expansion tends to generate more profit. The maximum profit of the industry can enhance the income of the people through the salary incentives or remunerations provided by the industry.
Another side of the rising income of the people is from the perspective of GNP per capita. Group of industrial manufacturing contributes to the growth of the GDP of the nation along with the GNP. The growth of the GNP or GDP can be responsible for the increase in the GLP per capita.
Strengthening the economy and developing economic growth
The demand for capital goods and consumer goods increases due to the growth of the industry or manufacturing sector. Our growth of the industrial manufacturing sector can be responsible for the demand for capital goods along with consumer goods. This growth can further increase the economic growth will stop
By making her contribute to the world-class infrastructure through the manufacturing sector, it is possible to strengthen the economy. World-class infrastructure can be responsible for running economic activities smoothly and effectively.
Strengthening the economy can be made possible by the advancement in technology in all sectors, innovation in agriculture, an improvement in the infrastructural facilities, or the factors that make possible growth along with strengthening of the economy.