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Construction of industry to national economy? and industry - market linkage?
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Construction of industry to national economy? and industry - market li...
Contribution of industries to a national economy by,
a)Industries provide for the production and goods and provision of services. It has brought about substantial increase in GDP of any country.
b)Industries generates employment for vast majority which help in improving living standard and poverty eradication.
c)Industrial sector adds to country's growth and provide wide variety Β of choices for consumers.
d)It ensure export of manufactured goods thereby adding to the country's foreign exchange.
e) It improves country's infrastructure and contribute to the overall development.
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Construction of industry to national economy? and industry - market li...
πŸ’Žπ‘‡β„Žπ‘’ π‘π‘œπ‘›π‘ π‘‘π‘Ÿπ‘’π‘π‘‘π‘–π‘œπ‘› π‘–π‘›π‘‘π‘’π‘ π‘‘π‘Ÿπ‘¦ 𝑖𝑠 π‘–π‘šπ‘π‘œπ‘Ÿπ‘‘π‘Žπ‘›π‘‘ π‘π‘Žπ‘Ÿπ‘‘π‘™π‘¦ π‘π‘’π‘π‘Žπ‘’π‘ π‘’ 𝑖𝑑𝑠 π‘œπ‘’π‘‘π‘π‘’π‘‘ 𝑖𝑠 π‘™π‘Žπ‘Ÿπ‘”π‘’ π‘Žπ‘›π‘‘ π‘‘β„Žπ‘’π‘Ÿπ‘’π‘“π‘œπ‘Ÿπ‘’ π‘‘β„Žπ‘Žπ‘‘ 𝑖𝑑 𝑖𝑠 π‘Ž π‘ π‘–π‘”π‘›π‘–π‘“π‘–π‘π‘Žπ‘›π‘‘ π‘π‘Žπ‘Ÿπ‘‘ π‘œπ‘“ π‘‘β„Žπ‘’ π‘’π‘π‘œπ‘›π‘œπ‘šπ‘¦. π‘‡β„Žπ‘’ π‘”π‘Ÿπ‘œπ‘ π‘  π‘œπ‘’π‘‘π‘π‘’π‘‘ π‘œπ‘“ π‘‘β„Žπ‘’ π‘π‘œπ‘›π‘ π‘‘π‘Ÿπ‘’π‘π‘‘π‘–π‘œπ‘› π‘–π‘›π‘‘π‘’π‘ π‘‘π‘Ÿπ‘¦ 𝑖𝑠 π‘‘β„Žπ‘’ π‘£π‘Žπ‘™π‘’π‘’ π‘œπ‘“ π‘Žπ‘™π‘™ π‘‘β„Žπ‘’ 𝑏𝑒𝑖𝑙𝑑𝑖𝑛𝑔𝑠 π‘Žπ‘›π‘‘ π‘€π‘œπ‘Ÿπ‘˜π‘  π‘π‘Ÿπ‘œπ‘‘π‘’π‘π‘’π‘‘ 𝑏𝑦 π‘‘β„Žπ‘’ π‘–π‘›π‘‘π‘’π‘ π‘‘π‘Ÿπ‘¦ 𝑖𝑛 π‘Ž 𝑔𝑖𝑣𝑒𝑛 π‘π‘’π‘Ÿπ‘–π‘œπ‘‘ π‘œπ‘“ π‘‘π‘–π‘šπ‘’, π‘›π‘œπ‘Ÿπ‘šπ‘Žπ‘™π‘™π‘¦ π‘Ž π‘¦π‘’π‘Žπ‘Ÿ. 𝐼𝑛 π‘‘β„Žπ‘’ π‘€π‘œπ‘Ÿπ‘™π‘‘ π‘Žπ‘  π‘Ž π‘€β„Žπ‘œπ‘™π‘’ 𝑖𝑑 𝑖𝑠 π‘π‘Ÿπ‘œπ‘π‘Žπ‘π‘™π‘¦ π‘Žπ‘π‘œπ‘’π‘‘ 10 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑 π‘œπ‘“ πΊπ‘Ÿπ‘œπ‘ π‘  π‘π‘Žπ‘‘π‘–π‘œπ‘›π‘Žπ‘™ π‘ƒπ‘Ÿπ‘œπ‘‘π‘’π‘π‘‘ (𝐺𝑁𝑃), π‘‘β„Žπ‘Žπ‘‘ 𝑖𝑠 10 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑 π‘œπ‘“ π‘Žπ‘™π‘™ π‘‘β„Žπ‘’ π‘”π‘œπ‘œπ‘‘π‘  π‘Žπ‘›π‘‘ π‘ π‘’π‘Ÿπ‘£π‘–π‘π‘’π‘  π‘π‘Ÿπ‘œπ‘‘π‘’π‘π‘’π‘‘, π‘œπ‘Ÿ π‘œπ‘“ π‘‘β„Žπ‘’ π‘œπ‘Ÿπ‘‘π‘’π‘Ÿ π‘œπ‘“ π‘ˆπ‘†$3,000 π‘π‘–π‘™π‘™π‘–π‘œπ‘› 𝑖𝑛 1997. π‘‡β„Žπ‘’π‘Ÿπ‘’ 𝑖𝑠 π‘Ž π‘π‘œπ‘›π‘ π‘–π‘‘π‘’π‘Ÿπ‘Žπ‘π‘™π‘’ π‘‘π‘–π‘“π‘“π‘’π‘Ÿπ‘’π‘›π‘π‘’ 𝑏𝑒𝑑𝑀𝑒𝑒𝑛 π‘£π‘Žπ‘Ÿπ‘–π‘œπ‘’π‘  𝑑𝑦𝑝𝑒𝑠 π‘œπ‘“ π‘’π‘π‘œπ‘›π‘œπ‘šπ‘¦ π‘Žπ‘›π‘‘ π‘”π‘’π‘œπ‘”π‘Ÿπ‘Žπ‘β„Žπ‘–π‘π‘Žπ‘™ π‘™π‘œπ‘π‘Žπ‘‘π‘–π‘œπ‘›π‘ . π·π‘Žπ‘£π‘–π‘  πΏπ‘Žπ‘›π‘”π‘‘π‘œπ‘› πΆπ‘œπ‘›π‘ π‘’π‘™π‘‘π‘Žπ‘›π‘π‘¦ (𝐷𝐿𝐢, 1997) π‘’π‘ π‘‘π‘–π‘šπ‘Žπ‘‘π‘’π‘‘ π‘‘β„Žπ‘Žπ‘‘ 𝑖𝑛 1990 π‘‘β„Žπ‘’ π‘π‘’π‘Ÿπ‘π‘’π‘›π‘‘π‘Žπ‘”π‘’ π‘ β„Žπ‘Žπ‘Ÿπ‘’π‘  π‘€π‘’π‘Ÿπ‘’: π‘Šπ‘’π‘ π‘‘π‘’π‘Ÿπ‘› πΈπ‘’π‘Ÿπ‘œπ‘π‘’ 30 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑; π΄π‘ π‘–π‘Ž 28 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑; π‘π‘œπ‘Ÿπ‘‘β„Ž π΄π‘šπ‘’π‘Ÿπ‘–π‘π‘Ž 25 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑; πΈπ‘Žπ‘ π‘‘π‘’π‘Ÿπ‘› πΈπ‘’π‘Ÿπ‘œπ‘π‘’ 7 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑; π‘†π‘œπ‘’π‘‘β„Ž π΄π‘šπ‘’π‘Ÿπ‘–π‘π‘Ž 5 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑 π‘Žπ‘›π‘‘ π΄π‘“π‘Ÿπ‘–π‘π‘Ž, 𝑀𝑖𝑑𝑑𝑙𝑒 πΈπ‘Žπ‘ π‘‘ π‘Žπ‘›π‘‘ π‘‚π‘π‘’π‘Žπ‘›π‘–π‘Ž 𝑗𝑒𝑠𝑑 π‘’π‘›π‘‘π‘’π‘Ÿ 2 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑 π‘’π‘Žπ‘β„Ž. π‘‡β„Žπ‘’π‘ π‘’ π‘’π‘ π‘‘π‘–π‘šπ‘Žπ‘‘π‘’π‘  π‘Žπ‘Ÿπ‘’ π‘ π‘–π‘šπ‘–π‘™π‘Žπ‘Ÿ 𝑖𝑛 π‘”π‘’π‘›π‘’π‘Ÿπ‘Žπ‘™ π‘π‘œπ‘›π‘π‘™π‘’π‘ π‘–π‘œπ‘›π‘  π‘‘π‘œ π‘‘β„Žπ‘œπ‘ π‘’ 𝑏𝑦 π·π‘Ÿπ‘’π‘€π‘’π‘Ÿ (1999) π‘€β„Žπ‘œ π‘’π‘ π‘‘π‘–π‘šπ‘Žπ‘‘π‘’π‘‘ π‘‘β„Žπ‘Žπ‘‘ π‘‘π‘’π‘£π‘’π‘™π‘œπ‘π‘’π‘‘ π‘šπ‘Žπ‘Ÿπ‘˜π‘’π‘‘ π‘’π‘π‘œπ‘›π‘œπ‘šπ‘–π‘’π‘  π‘Žπ‘π‘π‘œπ‘’π‘›π‘‘π‘’π‘‘ π‘“π‘œπ‘Ÿ 78 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑 π‘œπ‘“ π‘”π‘™π‘œπ‘π‘Žπ‘™ π‘π‘œπ‘›π‘ π‘‘π‘Ÿπ‘’π‘π‘‘π‘–π‘œπ‘› π‘œπ‘’π‘‘π‘π‘’π‘‘ 𝑖𝑛 1990. 𝐼𝑛 πΈπ‘’π‘Ÿπ‘œπ‘π‘’, π‘”π‘Ÿπ‘œπ‘ π‘  π‘π‘œπ‘›π‘ π‘‘π‘Ÿπ‘’π‘π‘‘π‘–π‘œπ‘› π‘œπ‘’π‘‘π‘π‘’π‘‘ π‘€π‘Žπ‘  π‘Žπ‘Ÿπ‘œπ‘’π‘›π‘‘ 10 π‘π‘’π‘Ÿ 𝑐𝑒𝑛𝑑 π‘œπ‘“ 𝐺𝐷𝑃 𝑖𝑛 1997, π‘šπ‘Žπ‘Ÿπ‘”π‘–π‘›π‘Žπ‘™π‘™π‘¦ 𝑙𝑒𝑠𝑠 π‘“π‘œπ‘Ÿ π‘‘β„Žπ‘’ πΈπ‘ˆ π‘Žπ‘›π‘‘ π‘ π‘™π‘–π‘”β„Žπ‘‘π‘™π‘¦ π‘šπ‘œπ‘Ÿπ‘’ π‘“π‘œπ‘Ÿ π‘π‘œπ‘’π‘›π‘‘π‘Ÿπ‘–π‘’π‘  π‘œπ‘“ π‘‘β„Žπ‘’ π‘“π‘œπ‘Ÿπ‘šπ‘’π‘Ÿ π‘†π‘œπ‘£π‘–π‘’π‘‘ π‘ˆπ‘›π‘–π‘œπ‘› (𝐷𝐿&𝐸, 2000).
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Read the text given below and answer the questions that follows:The iron and steel industry is the basic industry since all the other industries β€” heavy, medium and light, depend on it for their machinery. Steel is needed to manufacture a variety of engineering goods, construction material, defence, medical, telephonic, scientific equipment and a variety of consumer goods. Production and consumption of steel is often regarded as the index of a country’s development. Iron and steel is a heavy industry because all the raw materials as well as finished goods are heavy and bulky, entailing heavy transportation costs. Iron ore, coking coal and limestone are required in the ratio of approximately 4 : 2 : 1. Some quantities of manganese are also required to harden the steel. Where should the steel plants be ideally located? Remember that the finished products also need an efficient transport network for their distribution to the markets and consumers. In 2016 with 95.6 million tonnes of crude steel production, India ranked 3rd among the world crude steel producers. It is the largest producer of sponge iron. In 2016 per capita consumption of steel in the country was only around 63 kg per annum against the world average of 208 kg.Answer the following MCQs by choosing the most appropriate option.Q. Which industry is called the basic industry of India?

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Construction of industry to national economy? and industry - market linkage?
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