Which of the following statements is correct?a)Countries which are ind...
Industrial Development and Per Capita Income
Countries which are industrially well-developed generally have higher per capita income than countries which are not. This is because industrial development leads to increased productivity, higher wages, and overall economic growth. When industries are well-developed, they contribute significantly to the GDP of a country, leading to a higher per capita income for its citizens.
Industrial Development and Employment
Industrial development also creates job opportunities for the population, further contributing to an increase in per capita income. With more people employed in the industrial sector, there is a rise in disposable income, which in turn boosts consumer spending and economic growth.
Impact of Industrialization on Agriculture
While the agriculture sector is essential for providing food security and livelihoods for a significant portion of the population, it can benefit from the industrial sector's growth. Industrial development can lead to the introduction of new technologies, better infrastructure, and improved supply chains that can enhance agricultural productivity and efficiency.
Conclusion
In conclusion, countries that focus on industrial development tend to have higher per capita income levels due to increased productivity, job creation, and overall economic growth. It is essential for countries to strike a balance between industrial and agricultural development to ensure sustainable economic progress and prosperity for their citizens.
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