Is Economic Development Of Indian Economy Possible Without The Growth Of Indian Industries

By: jhoonroy

No nation can progress without the rapid development of industries. With the development of industries, an economy can put to use latest technologies and machineries in order to generate higher productivity and increase the national income. As India is a developing economy and it relies mostly on agricultural sector, it cannot take the whole country forward towards economic development. There should be development of Indian Industries so that balanced economic development can be achieved and more employment opportunities be generated. It will also help in removing poverty.

It has been estimated that our country’s GDP is expected to rise by 5% by the end of 2025. This growth solely depends upon the Indian Industry. Thus, to make a country progress, need of developing industries arises. Let’s take a look at the list of Indian Industries playing a key role in the economic development of the country.

• Iron and Steel Industry: India is among the top producers of iron and steel in the world. It is the key industry in India as steel is used in manufacturing various types of machinery and equipments. This industry has witnessed a lot of increasing demands as major infrastructural facilities, housing sector, automobile sector etc solely depends on the industry.

• Electronics Industry: The electronic industry is growing at a brisk pace and India is an exporter of vast range of electronic goods and products. With the support of latest technologies and consumer’s inclination towards electronics, it is the most diversified and flourishing industries in India.

• Automobile Industry: The favourable conditions of Indian markets have made India a hub for car makers. Almost every type of automobile is manufactured here including trucks, cars, jeeps, motor cycles etc. India is also emerging as the strongest growing market for luxury cars and SUV’s.

• Banking Industry: Indian banking system has been modernized as compared to previous years. It has employed the use of information technology in order to achieve modernization. The country has commercial banks, public sector banks, private banks as well as foreign banks.

• Healthcare Industry: The industry consists of hospitals, medical infrastructure, health insurance etc. It is experiencing gradual shift from paper records to electronic software.

• Food Industry: It is the largest industry in terms of consumption as well as exports. The growth of food industry is expected to rise in the coming years due to the exposure of people to various cultures and cuisines.

Other important India Industries are sugar industry, jute industry, cement industry, advertising industry, railway industry, glass industry and plastic industry etc.

Industries are important for the growth of an economy; however, it poses some dangers too. The harmful gases and fumes emitted in the manufacturing process causes several health hazards. Thus, to protect the environment and health of the citizens, it is essential to follow proper waste disposal methods. Companies that recycle biodegradable waste, minimize the use of plastics and use natural gas are termed as green companies. Companies using hazardous & toxic materials and are heavily polluting industries are known as red industries. The Environmental lists of industries under various categories are:

Red Category
• Aluminium industry.
• Cement industry.
• Copper industry.
• Dairy industry.
• Granite industry.
• Healthcare industry.
• Paper industry.
• Oil industry.
• Sugar industry.
Green Category
• Advertising industry.
• Banking industry.
• Cosmetic industry.
• Cottage industry.
• Leather industry.
• Furniture industry.
• Plastic industry.
• Poultry industry.

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Let’s take a look at the list of Indian Industries playing a key role in the economic development of the country.

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