Role of Industrialization in Economic Development
Industrialization plays a vital and crucial role in the economic development of an under-developed nation. Compared to the developed nations, which are largely Industrial Economies, the under-developed nation are predominantly agricultural economies. Industrialisation in such under-developed nations is dependent on the role of agricultural sector. In India, Industrialisation plays an important role in modernising agriculture and improving productivity in that sector. Similarly agriculture plays an important role in the Industrial development. Industrialisation accelerate economic growth in following various ways-
- Industrialisation increases per capita income.
- Industrialisation expands employment opportunities.
- Industrialisation brings increasing returns.
- Industrialisation builds a self-reliant and self-sustained economy
- Industrialisation generates modern attitudes.
- Industrialisation ensures growth with stability.
- Industrialisation provides expanding markets.
- Industrialisation increases national income.