Industrialization

What is industrialization?

1. INDUSTRIALIZATION SINCE INDEPENDENCE

2. Industries are the most important aspect of the economy. Industries refer to the production of an economic good or service with an a economy. The processing of raw materials to finished goods and provision for services is done by the industries. For which three major factors are required. WHAT ARE INDUSTRIES?

3. Industries maybe agro- based, marine based, mineral based or forest based. They can be classified as public and private. Industrial revolution led to the development of factories for large scale production with consequent changes in society . There is a term called ‘CREATIVE INDUSTRIES’ which we are not much familiar with. Creative industries do economic activities concerned with generation of knowledge and information. These industries provide services like advertising, architecture, films, music etc. They account for around 45 percent of revenue in the economy.

4. INDUSTRIALIZATION A process of socio-economic change that transforms a human group agrarian economy into an industrial one. Industrialization in India took place after Independence. Liberalization, Privatization and Globalization play a very important role in industrialization. It is means of modernization. Industrialization is needed in India because India needs to progress and become a developed nation from a developing one.

5. GROWTH OF VARIOUS INDUSTRIES AGRO-BASED INDUSTRIES Industries which handle the processing of agricultural produce. Like sugar industry. It’s contribution to the GDP is 17.1 %.

6. SERVICE INDUSTRY Consists of transport and trade communication (THTC), Finance, insurance, real estate and business services (FIRBF), Communities social and personal service (CSPS). It has grown over past 6 decades to almost 60% of GDP. It contributed to 15% in 1950 and in 53.8 % in 2005, this shows that service sector in India accounts for over half of the country’s GDP.

7. IRON AND STEEL INDUSTRY One of the important industries in India, Steel industry reformed particularly in 1991-92 have led to strong growth in India’s steel industry. India is the 7 th among all crude steel producing countries.

8. SUGAR INDUSTRY India is the second largest sugar producer in the world. There are 571 factories in India 2005 compared to 138 in 1950s. Production has increased from 15.5 million tn in 1990s to 20.1 million tn in 2002-03.

9. IMPACT OF INDUSTRIALIZATION

10. CONCLUSION In spite of the benefits if Industrialization, there are setbacks. The major one being, poor infrastructure acting as a hindrance to the growth of the Indian economy. Also, the inefficient public sector has lead to corruption and therefore lowered the quality of production and industrialization. There is also a lack of skilled of labour which has slowed down the process of industrialization. In the case of creative industries and service industries, the growth has been steady and fruitful, contributing a lot to the strengthening oh the economy.

11. THANK YOU (We are still learning economics) By, Palak Patel Heer Khant Foram Vora Binjal Samani