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Why is manufacturing industry sector considered the backbone of economic development of the country? Explain four reasons.                                                                                                                   [Foreign 2008]

Answer:

Manufacturing sector is considered the backbone of economic development of the country due to following reasons:

(i) Manufacturing industries have not only help in modernising agriculture but also reduce the dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors

(ii) Industrial development has helped in eradication of poverty and unemployment.

(iii) It has reduced regional disparties by setting up industries in tribal and backward areas.

(iv) Export of manufactured goods has led to expansion of trade and commerce and brought about the most needed foreign exchange.

(v) Countries that transform their raw materials into wide variety of finished goods of higher value are prosperous. India?s prosperity lies in diversifying and increasing its manufacturing industries as quickly as possible.

            (Any two)