Role of industrialisation in economic development. Role of Industrialization in the Economic Development of India 2019-01-09

Role of Industrialization in the Economic Development of India

Boilers of both the categories, namely, for industrial and power applications, are being produced in the country. Production of medium and heavy vehicles declined by 33 per cent and of multi-utility vehicles and three- wheelers by 17 per cent each. However, with the intrusion of the European imperialists, the craft declined considerably following the superior competition from the modern industry activities, particularly manufacturing. India today is the third largest producer of nitrogenous fertilizers in the world. This was the era of the pre independence period, when industrialization strategies were rather based on individual micro-economic agents than on the nation-wide industrial policy. Given that the supply of labour is unlimited, new industries can be established of the existing industries expanded without limit at the current wage by drawing upon the subsistence sector Jhingan, 2008. In case, the price of these medicines rise unreasonably, the Government would take appropriate measures, including reclamping of price control; ix A National Drug Authority would be set up by an Act of the Parliament, to be steered by the Ministry of Health and Family Welfare, to look after the quality control aspects, rational use of drugs and related matters; and xi To provide better focus to all matters relating to developing and promotion of indigenousand other systems of medicines, a separate Department would be created by the Ministry of Health and Family Welfare.

ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF NIGERIA

The development of certain industries such as steel is as one of the symbols Thirlwall, 1994. To fulfill these objectives, the national Centre for jute diversification has been set up. Increased Employment Opportunities Industrialization provides increased employment opportunities in small- and large-scale industries. Quality: Quality aspect has gained a lot of significance. Provision of Surplus: The progress in agricultural sector provides surplus for increasing the exports of agricultural products. Mankiw et al 1992 : A contribution to the empirical of economic growth Quarterly Journal of economics 107: 407-438. As elsewhere in the world, there is an increasing shift in India to have large power houses particularly super thermal power stations.

THE ROLE OF COMMERCIAL BANK IN ECONOMIC DEVELOPMENT OF NIGERIA

The machine tool industry has also commenced production of high productive machines such as industrial robots, flexible manufacturing system, etc. In the mid 1980s, outward looking industrialization strategy was pursued in order for the country to earn more foreign exchange and correct the balance of payment problem that characterized the earlier industrialization attempts. According to Wilbert Emoore and G. Consequently, while there would be fewer but large power generating stations, the demand for transmission line towers for transmission of energy would grow substantially. Rasayani unit produces organic group of heavy chemicals and intermediates such as nitrobenzene, hydrogen, aniline, sulphuric acid, acetic acid, etc.

Role of Industrialization in the Economic Development of India

Capital Formation Banks play an important role in capital formation, which is essential for the economic development of a country. Besides the Company is providing consultancy services, both in India and abroad, for setting up sponge iron plants. Atomic explosion at Pokhran Rajasthan and Agni Missile are examples of industrial growth. The plant has been producing quality sponge iron suitable for steel making. In the light of the above, the following recommendations for achievement of rapid industrial development, especially manufacturing activity growth, and higher contribution of the growth in industrial sector to the growth of the national output are presented below; 1 Encouraging industries with high value added per worker Capital intensive industries.

ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF NIGERIA

The government and its people must be motivated by common experience of any stated development —objectives in the interest of the country. As result low health status of women is also linked to their vulnerable position in the society. Compared to the developed nations, which are largely Industrial Economies, the under-developed nation are predominantly agricultural economies. Moreover, because of industrial growth the construction and provision of infra-structure becomes possible. There are 19 manufacturers of industrial boilers in the country. Industry- large number of firms or single firms, in the case of monopoly competing with each other in the production or distribution of similar or homogenous products.

Role Of Industry In Economic Development

The paid up capital of the company as on 31 March 1999 was Rs. Both support a strong role for the state in promoting economic development but differ on the specific role that industrial policy can play. Industrial Policy 1956: After 1948 significant developments took place in India. Primary sector-This includes, crop agriculture, livestock farming, fishing and mining. So that they may not be discount maximum tax concessions should be given to businessman. Agricultural progress permits the shift of manpower from agricultural to non-agricultural sector. .

The role of manufacturing, industrialisation, standardisation and the big economies in Africa highlighted in Africa’s Integration and Economic Development at the 53rd ARSO Council Meeting

Thus, we do not accept the null hypothesis that the model is not significant and conclude that the overall regression is significant at 1% level of significance. But today despite several moves to industrialize the economy, these countries are industrialized These countries are industrialized, their citizens are enjoying quality lives; moving towards full employment levels, but Nigeria is still being referred to as a developing nation, struggling to provide basic amenities to more than 70% of its citizen, while, these new industrialized countries are building a knowledge based economy. It provides in the developing world. Industry enhances high linkages and sprinkle effects on other sectors of the economy and provides room for greater non-traditional employment out side agriculture. For the purpose of this study, the augmented Solow model by including in the explanatory variables, other factors that influence growth in Nigeria, will be used. Some areas reserved for the Public sector are: i.

THE ROLE OF COMMERCIAL BANK IN ECONOMIC DEVELOPMENT OF NIGERIA

Silk: In the silk sector, the Government has approved an allocation of Rs. The manufacturers in turn increase their products by introducing new methods of production and assist in raising the national income of the country. Given its potential, exports by the turn of the century have been projected at Rs. The indigenous industry is equipped to meet the entire domestic requirement. Increase In Savings And Investment. This sector provides employment to both skilled and unskilled labour. Now-a-days, banks offer very attractive schemes to attract the people to save their money with them and bring the savings mobilized to the organized.

What is the role of industrial management in economic development?

The declining extent of earnings from crude oil arising from the fall of prices plunged the Nigerian economy into a crises of recession. On the other hand The processing of raw material at home curtails the import of goods and thereby helps in conserving foreign exchange. Different measures were embarked upon, like; credit-incentive, high protective measures, Tax amnesty Tax holidays , indigenization policies 1972 and 1979 , local content initiatives and many others. Further more, industrialization may be defined as the process by which industries are established, replicated, and sustained with a view to increasing the share of industrial output while also enhancing the national productive capacity to process raw materials and to manufacture both consumption and capital goods. Growth of Infra structure: Rapid industrial growth has resulted in the expansion of infrastructural facilities. Any economic development plan must have industry at the core. Knowledge is updated by constant research and development.