Basic Industries produce raw materials for other industries.

Explanation:
Basic Industries refer to those industries that are involved in the extraction and production of raw materials. These raw materials are then used by other industries for further processing and manufacturing of finished products. Basic Industries play a crucial role in the economy as they provide the essential inputs required for the functioning of various sectors.

Key Points:
1. Definition of Basic Industries: Basic Industries are those industries that produce raw materials or primary products.
2. Role of Basic Industries: They supply raw materials to other industries for further processing and manufacturing.
3. Importance of Basic Industries: They form the foundation of industrial development and support the growth of other sectors.
4. Examples of Basic Industries: Mining, agriculture, forestry, fishing, and petroleum extraction are some examples of basic industries.
5. Contribution to the Economy: Basic Industries contribute to the overall economic growth by providing employment opportunities and generating revenue.
6. Interdependence: Basic Industries rely on other sectors for their inputs such as machinery, equipment, and services.
7. Linkage Effects: The development of basic industries leads to the growth of related industries and creates a multiplier effect on the economy.
8. Sustainable Development: Basic Industries need to adopt sustainable practices to minimize environmental impact and ensure long-term availability of resources.
9. Government Policies: Governments often implement policies to promote the development of basic industries and ensure their sustainable growth.
10. Challenges: Basic Industries may face challenges such as resource depletion, environmental regulations, and market fluctuations.

In conclusion, Basic Industries are responsible for producing raw materials that are essential for the functioning of other industries. They form the backbone of industrial development and contribute significantly to the economy.