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Pecularities of industrial growth?
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Pecularities of industrial growth?
The Peculiarities of Industrial Growth
(i) European Managing Agencies, which dominated industrial production in India, were interested in certain kinds of products. They established tea and coffee plantations, acquiring land at cheap rates from the colonial government; and they invested in mining, indigo and jute.
(ii) When Indian businessmen began setting up industries in the late nineteenth century, they avoided competing with Manchester goods in the Indian market.
(iii) By the first decade of the twentieth century a series of changes affected the pattern of industrialisation. Industrial groups organised themselves to protect their collective interests, pressurising the government to increase tariff protection and grant other concessions.
(iv) Till the First World War, industrial growth was slow. The war created a dramatically new situation. With British mills busy with war production to meet the needs of the army, Manchester imports into India declined. Suddenly, Indian mills had a vast home market to supply. As the war prolonged, Indian factories were called upon to supply war needs. New factories were set up and old ones ran multiple shifts. Many new workers were employed and everyone was made to work longer hours. Over the war years industrial production boomed.
(iv) After the war, within the colonies, local industrialists gradually consolidated their position, substituting foreign manufactures and capturing the home market.
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Pecularities of industrial growth?
Peculiarities of Industrial Growth
These peculiarities highlight the complex nature of industrial growth and the importance of carefully managing its impact on society, the economy, and the environment. By addressing these challenges proactively, countries can harness the benefits of industrial growth while minimizing its negative consequences.
- Uneven Distribution: Industrial growth is often unevenly distributed across regions, with some areas experiencing rapid development while others lag behind. This can lead to disparities in economic prosperity and opportunities.
- Impact on Environment: Industrial growth can have negative impacts on the environment, such as pollution, deforestation, and depletion of natural resources. It is essential to balance economic growth with sustainable practices to mitigate these effects.
- Technological Advancements: Industrial growth is closely linked to technological advancements, as new innovations drive productivity and efficiency in manufacturing processes. Adopting new technologies can help industries stay competitive in the global market.
- Employment Opportunities: Industrial growth can create new job opportunities, but it can also lead to job displacement as automation and outsourcing become more prevalent. It is crucial to invest in workforce development and education to adapt to changing industry demands.
- Infrastructure Development: Industrial growth often requires significant investments in infrastructure, such as transportation networks, utilities, and communication systems. Developing robust infrastructure is essential for supporting the expansion of industries.
These peculiarities highlight the complex nature of industrial growth and the importance of carefully managing its impact on society, the economy, and the environment. By addressing these challenges proactively, countries can harness the benefits of industrial growth while minimizing its negative consequences.
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Pecularities of industrial growth?
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Pecularities of industrial growth? for Class 10 2024 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about Pecularities of industrial growth? covers all topics & solutions for Class 10 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pecularities of industrial growth?.
Pecularities of industrial growth? for Class 10 2024 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about Pecularities of industrial growth? covers all topics & solutions for Class 10 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Pecularities of industrial growth?.
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