Manufacturing Industries

Manufacturing Industries

Production of goods in large quantities after processing from raw materials to more valuable products is called manufacturing

IMPORTANCE OF MANUFACTURING:

• Manufacturing industries not only help in modernising agriculture, which forms the backbone of our economy, they also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors.
• Industrial development is a precondition for eradication of unemployment and poverty from our country.
• Export of manufactured goods expands trade and commerce, and brings in much needed foreign exchange.
• Countries that transform their raw materials into a wide variety of furnished goods of higher value are prosperous.

Manufacturing industries

AGRICULTURE AND INDUSTRY:

• Agriculture and industry go hand in hand and are supplementary to each other in many ways.
• Industry provides new tools, and implements as well as other inputs of agriculture to boost agricultural productivity.
• The  agro based industries depend on agriculture for raw materials and industries sell their products such as irrigation pumps, fertilizers, insecticides, pesticides, plastic and PVC pipes, machines and tools, etc. to the farmers.
• Thus, development and competitiveness of manufacturing industry has not only assisted agriculturists in increasing their production but also made the production processes very efficient.

CONTRIBUTION OF INDUSTRIES TO NATIONAL ECONOMY:
Over the last two decades. The share of manufacturing sector has stagnated at 17 percent of GDP-out of a total of 27 percent for the industry which includes 10 percent for mining, quarrying, electricity and gas.
The trend of growth rate in manufacturing over the last decade has been around 7 percent per annum. The desired growth rate over the next decade is 12 percent. Since 2003, manufacturing is once again growing at the rate of 9 to 10 percent per annum. The National Manufacturing Competitiveness Council (NMCC) has been set up with this objective.