Quick Answer: Why Is Industrial Development Important?

What were the positive and negative effects of the Industrial Revolution?

As an event, the Industrial Revolution had both positive and negative impacts for society.

Although there are several positives to the Industrial Revolution there were also many negative elements, including: poor working conditions, poor living conditions, low wages, child labor, and pollution..

How did the Industrial Revolution lead to economic growth?

The Industrial Revolution transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system. New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient.

Who benefits from industrial development?

Higher economic growth leads to higher tax revenues and this enables the government can spend more on public services, such as health care and education e.t.c. This can enable higher living standards, such as increased life expectancy, higher rates of literacy and a greater understanding of civic and political issues.

What are the advantage of industries?

1) They help in growth of a country both economically and socially. 2)They provide employment opportunities and therefore, help in reducing poverty. 1)They cause pollution.

What is impact of Industrialisation?

Industrialization has brought economic prosperity; additionally it has resulted in more population, urbanization, obvious stress on the basic life supporting systems while pushing the environmental impacts closer to the threshold limits of tolerance.

Why does Indian Planning put more emphasis on industrial development?

Indian planning places more emphasis on industrial development. This is because industrial sector plays a crucial role in the growth and development of any country. It is said that a nation can develop only with the development of industries. … Industrial sector can absorb the surplus labour from the agricultural sector.

What are the 5 factors of industrialization?

They are land, labor, capital, technology and connections. Without a generous supply of these basic elements and the ability to organize them, a people cannot develop into an industrial society.

What is meant by industrial growth?

A growth industry is that sector of an economy which experiences a higher-than-average growth rate as compared to other sectors. … Their growth is a result of demand for new products or services offered by companies in the field.

How did the industrial revolution benefit the economy?

Industrialization has been instrumental in the economic development of the world. The process has improved productivity and allowed for mass production, which has increased standards of living.

What is the importance of industrial development?

Industrial developments have historically led to periods of economic growth. New technologies make jobs easier, faster and better, which can lead to an increase in a business’ output and an increase in profits. Industrialization in the workforce has many benefits that are more far-reaching as well.

Why industrialization is important to growth and development of a country?

In industrialization there is optimum utilization of scarce resources. The quality and quantity of manufacturing sector increase. It increases the national income of the country. When industrial production increase that increase exports and revenues of the government.

Why is the development of new industries important to the economy?

Industrialization or the action of developing industry on a large scale, generally at national level has a great importance for the economic growth of the country with its positive results in creating general wealth and employment together with the offspin social improvement effects.

How does industrialization cause development?

The process of industrialization leads to increased urbanization, increased general level of education, and increased income, all of which contribute to changing cultural and demographic patterns in the direction of massively reduced fertility rates.