Role of Industrial Sector Video Lecture | Business Economics for CA Foundation

now another sector that is very
important for self-sufficiency of an
economy is industrial sector industrial
sector it is said that the country who
is industrially developed is generally
known as a developed economy because
there the per capita income of the
people is more in comparison to a
country where the industrial sector has
not developed much seem like you can see
also in the case of America it is an
industrially developed nation and the
per capita income there is small in
comparison to countries like India and
Pakistan wealth industries have not
developed that much and that is why we
aren't known as a developing economy
where the per capita income is less
exceptions to the Gulf countries where
then they have a natural advantage of
oil and that is why they are rich
countries but otherwise for a country to
become developed it is very important
that their industrial sector is also
well developed so now let us study about
the industrial sector of our country
what role it plays how it has grown over
the years and what are the problems that
it still faces so first let us take up
the industrial sector role in India it
has a very important role because it
helps in modernizing agriculture or
modernizing agriculture you need and
equipments tools and machineries which
are provided by the industrial sector so
it helps in modernizing agriculture
which is one of the most important
sectors of our country it also helps in
providing employment import employment
generation yes as we all know we are a
labor-intensive economy human resource
is there too much Labor's are there the
since the population is too much the
population is high we need industries
which can absorb such flavor force so we
need to set up industries where the
people can be consumed what people can
be engaged in employment opportunities
can be created so industries
sector where it can help in providing
employment and it has also there has
been a lot of industries which absorb a
lot of labour force in our country it's
shared in GDP has also increased at the
time of independence it was 16 percent
and now it is 26 percent 26 percent
contribution it does industrial sector
does in GDP and 14 percent is done by
agriculture so total that makes it what
tip that means the rest of the
percentage is contributed by the third
sector the service sector what I wanted
to tell you was that industry sector
contributes 26 percent to the GDP its
contribution to exports is also worth
appreciation nearly 2/3 of the goods
that are exported are manufactured goods
it helps in raising the incomes of the
people because I like agriculture it is
not dependent on nature it is not
dependent on nature if you put in more
efforts you will give more production
you will get more results so it also
health and increasing the incomes of the
people it helps in enhancing the
economic growth it helps a country that
is self-sufficient that has a
self-sufficient industrial base also
increases the economic growth as the
economy grows the demand of consumer
goods increases and the demand of
capital goods the demand of capital
goods or the capital goods industry is
also increases which makes the economy
more self-sufficient when you need to
produce more consumer goods you need to
put in more industries for putting more
industry
you mean capital goods like machines and
oil so that sector also grows so it had
and when a country is into production of
capital goods industry they become
developed it is said that they have
improved economically so it also helps
in enhancing the economic growth it
helps in meeting the high income demands
when the income of the people increases
up to a certain percentage only they
spend their incomes on agriculture goods
otherwise they start consuming more of
consumer goods when then come up and
household increases what does it do it
does not start eating more but they
start spending more on consumer goods so
that is what the industrial sector helps
it helps in meeting high income demands
it also helps in strengthening the
economy because then the demand
increases the economy grows the capital
goods industry also grows and it helps
in strengthening the economy as well
because we can also then your UN nesting
more on capital with you also
infrastructure also improves and it
strengthens the economy also it
strengthens the economy by producing
capital goods as I had explained when
they caught Negroes the production of
capital goods also increases economic
infrastructural goods like railways dams
which as it is cannot be imported from
outside economic infrastructure also
improves better agricultural instruments
I used agricultural methods also improve
because there is more industrialization
the farmers also use better technology
better tools and machines and equipments
they use instead of using Bulls and oxen
so flowing either use tractors so
agricultural instruments also improve
and that is also helps improving your
agricultural production then we also
become self-reliant in defense as it is
we cannot depend much on foreign
countries for providing our defensive
since we need to be self-reliant so when
an economy grows it becomes
self-sufficient and all these things
improve so that is what the role of
industry is in India it helps in
modernizing agriculture provides include
employment its share indeed GDP is 26%
there is a major contributor in export
as we have seen we are not exporting too
much of Agriculture produced 2/3 of the
goods that are exported on manufactured
goods which helps and raising the
incomes it also improves your economic
growth and it strengthens the economy as
well