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Why iron and steel industries is known as backbone of modern industry?
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Why iron and steel industries is known as backbone of modern industry?
Why Iron and Steel Industries is known as the backbone of modern industry?
The iron and steel industry is considered the backbone of modern industry due to its essential role in the development of industrial economies. The industry produces essential materials that are used in various sectors, including construction, transport, machinery, and many others. Below are some reasons why the iron and steel industry is known as the backbone of modern industry:
1. Infrastructure Development
Iron and steel are essential materials in the construction of infrastructure such as bridges, roads, and buildings. The industry provides the necessary materials for such projects, which are vital for the development of any nation. The construction industry is one of the primary consumers of steel, and it significantly contributes to the growth of the economy.
2. Transportation
The transportation industry relies heavily on steel for the manufacture of various components such as train tracks, vehicles, and aircraft. The industry provides the necessary materials for the transportation sector, which is essential for the movement of people and goods across the country.
3. Machinery and Equipment
The iron and steel industry produces materials that are used in the manufacture of machinery and equipment in various industries. The industry provides the necessary materials for the production of machines such as generators, turbines, and engines, which are essential for the smooth running of the economy.
4. Job Creation
The iron and steel industry is one of the largest employers globally, and it provides job opportunities for millions of people. The industry creates employment opportunities in various sectors such as mining, manufacturing, and transportation, among others.
5. Economic Growth
The iron and steel industry significantly contributes to the growth of the economy. The industry generates revenue for the government through taxes and other levies. It also contributes to the country's GDP and foreign exchange earnings, which are essential for the growth of any nation.
Conclusion
In conclusion, the iron and steel industry is the backbone of modern industry due to its essential role in the development of various sectors such as construction, transportation, and machinery. The industry provides the necessary materials for the growth of the economy and contributes significantly to job creation and economic growth.
Community Answer
Why iron and steel industries is known as backbone of modern industry?
Iron and Steel industry is the backbone of modern Civilization because it provides industrial base for the manufacture of many other Industrial Products ,and thus, is known as basic industry.
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Why iron and steel industries is known as backbone of modern industry?
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Why iron and steel industries is known as backbone of modern industry? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Why iron and steel industries is known as backbone of modern industry? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why iron and steel industries is known as backbone of modern industry?.
Why iron and steel industries is known as backbone of modern industry? for Class 8 2024 is part of Class 8 preparation. The Question and answers have been prepared according to the Class 8 exam syllabus. Information about Why iron and steel industries is known as backbone of modern industry? covers all topics & solutions for Class 8 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Why iron and steel industries is known as backbone of modern industry?.
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