Role of industrial sector in economic growth from "summary" of Oswaal NCERT One For All for UPSC & State PSC's Indian Economy Classes-9 to 12 (Old & New NCERT Edition) (For 2023 Exam) by Oswaal Editorial Board
The industrial sector plays a crucial role in the economic growth of a country. It is often considered the backbone of the economy as it contributes significantly to the Gross Domestic Product (GDP) and generates employment opportunities for a large number of people. The industrial sector consists of manufacturing industries that produce goods and services for consumption and investment.
Industrial growth leads to an increase in the overall productivity of the economy. It helps in the efficient utilization of resources and promotes technological advancements. The industrial sector is responsible for transforming raw materials into finished goods, which are then sold in the market. This process not only adds value to the products but also generates ...
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