Contribution of Industries in the Economic Development of India and Recommendations of New Industrial Policies

Abstract

An economy is produced using the structure of a wide range of enterprises like agriculture, service, building, fabricating, and so on. These enterprises give such a significant number of advantages to the economy, for example, work age, production of goods and services, equivalent salary conveyance in the entire economy. Service segment contributes 60% of the Indian GDP while agriculture gives around 14% of GDP. Industrialization assumes a crucial job in the economic development of creating nations. As the chronicled record appears, the established countries of the world broke the endless loop of poverty by industrializing, as opposed to concentrating on horticultural or the production of national assets. At present, India, as a creating nation, needs to accomplish a higher expectation for everyday comforts for its kin. Thus, it is seeking strategies that help privatization and deregulation of the economy. Industry assumes a problematic job in economic development; however, these are a portion of its most significant impacts. In India, a large part of the populace is occupied with horticulture. There is an excessive amount of individuals and insufficient land for all to flourish. To increase the situation, our people are developing at a practically alarming rate. The industrial sector is the leading segment that is producing employments at a quicker pace than our populace is developing. Also, this area will draw surplus work from agriculture to it, along these lines improving farm profitability as well. Hence, the current study has been done too, highlighting the contribution of industries in the economic development of India and the recommendations of new industrial policies.