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All rights reserved. The quality and quantity of manufacturing sector increase. However, Indian agriculture is still following the primitive method of cultivation, therefore, the productivity is very low. To some, it’s critical to have fast access to a freeway or transit system for their commute. Hence there is urgent need to develop industrial sector in India. There is a plenty of research work on the role of industrialization in economic development at the national and international level both in the developed and developing countries. Atomic explosion at Pokhran (Rajasthan) and Agni Missile are examples of industrial growth. The industrial revolution, though, has almost an equal number of pros and cons, is indispensable. Some of these industries include technological advances, mass production, among other services. The Impact There are four primary impact points when it comes to industrialization — air, water, soil and habitat. In the industrially developed countries, for example, the GNP per capita income is very … This type of development creates employment opportunities and also encourages creativity and innovation. Following are the main advantages of industrial development : 1. Establishment of more and more industries increased the employment opportunities and absorbed the extra manpower within the country. Plagiarism Prevention 4. Image Guidelines 5. However, the stability of an economy depends on the industrial growth. It increases the national income of the country. The Boott Cotton Mills in Lowell, Mass., were begun with the high-minded purpose of proving that the wretched conditions of English workers were not a necessary by-product of industrialization. As industrial uses grew in complexity and importance, schools of design and architectural theory emerged to respond to the challenges that this development posed. Read on to learn about the history of Eagle Mountain and how it’s […], Industrial development is essential to communities because it impacts their local economy. Hence, the surplus labour from agriculture can easily absorb within the industries bring more income opportunities in the country. Some have mentioned the importance of industrialization. Our world would not have headed into the path of progress if the industrialization had not happened in the 18th century. All the industrially developed countries have high per capita income compared to the countries where industrial Nourishment is low. The importance of the comprehensive agrarian reform program is to promote industrialization and promote social justice. Thus, from the Second Five Year Plan the Planning Commission has given […] As a population grows and industry develops there is an increased demand for goods and services, there is more innovation and more financial opportunity. Industrial Economists are also highly employable. Both good and bad things occurred as a direct result of the industrialization of the U.S. and Britain. Industrialization is one of the effective ways to reduce poverty. When that production was shifted into mass production in factories, everything changed. Raising Income: The first important role is that industrial development provide a secure basis for a rapid growth of income. Products are primarily assembled from metal-oxide-semiconductor (MOS) transistors and integrated circuits, the latter principally by photolithography and often on … About 67% of total working force are engaged in agriculture. The efficiency has emerged from industrialization throughout its growth since the Industrial Revolution. 18. Many have mentioned the importance of industrialization. It can be seen as an instrument of change since it transcends cultural boundaries. Indian economy is suffering with the problem of deficit Balance of Payment (BOP). Rise in Capital Formation: Industrial development is positively correlated with increase in capital … Let us discuss, in detail, the role of industrialization in the Indian economy. The reasons for this are going to vary. Through industrialization, people from different backgrounds have been able to improve on the utilization of resources. It means creation and growth of manufacturing units. Library of Congress, Washington, D.C. The empirical evidence suggests a close correspondence between the high level of income and industrial development. The impact people felt from the Industrial revolution had a tremendous amount to do with where they stood in society as well as where the belonged in the labor force. Contemporary society uses a vast array of electronic devices built in automated or semi-automated factories operated by the industry. We all profit as a community thrives through industrialization. Importance of Industrialization to Bangladesh’s Development. The Industrial Design in Sarasota is all about creating value out of products with wise management and development. Suddenly goods were more accessible, work was easier to find, and demand for products and services rose—all of these things sustain an economy. Poverty can be reduced by economic growth and equality. There is no doubt that industrial development gives rise to the per capita income of the economy. For instance, the construction of a transistor radio plant will develop the small-battery industry. The Industrial Revolution Historically, industrial growth has had a large impact on the economy. The electronics industry emerged in the 20th century and is today one of the largest global industries. (This is an example of backward linkage.) From the point of view of an investor, the commercial real estate encompasses any property that has the potential to bring income; this includes land. Industrialization, the process of converting to a socioeconomic order in which industry is dominant. Before publishing your articles on this site, please read the following pages: 1. These advancements propelled the world forward as industrialization grew and resources advanced. For example, the time period known as the Industrial Revolution in the 18th and 19th centuries led to some of the most important economic development known to man. 1754 Cedar Trails Way, Eagle Mountain Utah 84005 USA, All About Economic and Industrial Development Plans, 5 Reasons You Should Live in Eagle Mountain. 4 Manufacturing, Production The Importance of Industrial Parks in Economic Development. By providing a market to these other sectors, industries facilities the development of the country. Industrial Engineering analyses and investigations • Conduct facility planning and facility layout development of new and revised production plants and office buildings • Form and direct both small and large teams that work towards a defined objective, scope & deliverables • Perform risk analysis of various project options and outcomes. May 2014; DOI: 10.13140/RG.2.1.1476.9046. The effect of all these enhanced the problem of unemployment within the country. Our world would not have headed into the path of progress if the industrialization had not happened in the 18th century. Prior to the Industrial Revolution, the manufacturing of goods was mostly done in people’s homes with handcrafted tools. The efficiency has emerged from industrialization throughout its growth since the Industrial Revolution. (T… 17 IMPORTANCE OF INDUSTRIAL MARKETING • SMAJOR SHARE OF REVENUE: Major share of revenue is generated by selling the product to business buyers as they purchase in bulk therefore it is important to take care of business deals. Yet much evidence suggests that during what is arguably the most important era of growth—the Industrial Revolution—human capital had little bearing on economic development. After 1966, agricultural sector has improved decently compared to industries. A nation which depends upon the production and export of raw material alone cannot achieve a rapid rate people. 1. Answer (1 of 5): Importance of IndustrializationIn today's age everything seems to flow smoothly. Hence, to achieve a stable balanced growth, the country requires a healthy industrial development in both consumer and capital goods areas. High Standard of Living. 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