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ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT — Economics Keypoint

ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT

Industrialization plays a major role in the development of any economy through the following ways:

  1. Provision of infrastructural facilities such as pipe-borne water, electricity, telecommunication etc.
  2. Provision of employment opportunities for both skilled and unskilled workers.
  3. Development of manpower skill to areas of specialty.
  4. Stimulation of increased productivity, which has led to increased national income.
  5. Industrialization also provides a better standard of living.
  6. It encourages self-sufficiency and reliance.

 

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