Industry is run with the use of natural resources like minerals, forest products etc. Agriculture sector also supplies raw materials for industries. In fact, industry, human beings and environment are interrelated with one another.
Importance of Industry
The importance of industry can be described in the following ways:
- Production and Use of Raw Materials: Raw materials like jute, sugar-cane, cotton, herb etc. required to run industry, come from agriculture. Some raw materials like milk, bones, feather and leather are the things which are received from animals and birds. Industrial development encourages the production of the raw materials. These raw materials can be produced in the country and so don’t need to be imported. Thus money can be saved which can be spent for conducting developmental works.
- Development of Human Resource: Development of human resource is essential to conduct developmental activities. Different industries need different manpower with particular knowledge, skill and dexterity. This helps the specialists to increase their knowledge and skills. They develop the art of performance. Those who have no skills can be made skilled by imparting them in trainings. Therefore industrial development helps to develop and mobilize human resources.
- Job opportunity: Industry requires both semi-skilled and skill manpower for its smooth and efficient running. In this way, industry provides employment opportunities to the people. People of different skills get job, increase their income and improve their quality of life.
- Production of Goods: Industries produce goods like cloth, food materials, hardware, construction tools etc. which fulfill the requirements of the people. Industry makes the country self-dependent and decreases the import. It maintains balance in trade. High quality goods can be exported to other countries. In this way, international trade grows and foreign currency is earned for economic development.
- Improvement in quality of life: Industrial development can earn foreign currency. There will be employment opportunities in the country. It increases the per capital income (PCI) of the people. There is improvement in people’s food, education, health, housing etc. It also supports the development of the country.
- Economic Development: Cottage as well as large-scale industries is important in a country. Industrial development cuts down the import and increases the export. Native manpower is utilized. Thus the economic status of the country becomes better and economic development of the country takes place.
- Mobilization of Private Sector: Not only government but also private sectors should be encouraged for industrial development. It creates competition among the private sectors for the development of industry. As a result, competency and investment of private sectors increase, which leads the country towards the bright path of progress.