Industrialisation

Importance of industries in the Indian economy are as follows:

·         Rapid Growth of Income

·         Increasing Employment Opportunities

·         Exploitation of Resources Efficiently

·         Earning of Adequate Foreign Exchange

·         Development of Agriculture

Importance of industries in the Indian economy are as follows:

·         Rapid Growth of Income

·         Increasing Employment Opportunities

·         Exploitation of Resources Efficiently

·         Earning of Adequate Foreign Exchange

·         Development of Agriculture

Industrialisation involves capital deepening and capital widening. Capital Deepening implies use of more capital per unit of output. Capital widening means growth of physical capital like machines, building etc.

Industrialisation implies

·         Utilisation of power, machinery & modern techniques

·         Capital Investments on a large scale

·         Exchange & distribution of goods through developed monetary system

·         Transformation of agrarian economy to industrial economy

Industrialisation is a period of social and economic change where development is closely related with technological innovation.