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English Essay on "The Industry" full length Essay, Paragraph, Speech for Class 7, 8, 9, 10, and 12 Kids, Students for Examination.

The Industry

The industrial revolution contributed a lot to the development of numerous industrial units as a basis for new investments and the development of the societies. Some countries are considered as the pioneers of the industrial revolution. These countries in the last three decades of the 19th century due to expert manpower and wealth became industrialized. Seeing the development of industrialized nations some of the underdeveloped countries, quickly decided to become industrialized while ignoring the dangerous and harmful effects on the environment. The industry is related to the economic activities which are linked with raising, producing, or processing of goods and services in the country. It is also referred to the group of firms producing alike or associated goods and services. The industry has a significant position in economic growth and development. Industrialization leads to an increase in the per capita income of the people living in that country. Not only this, but it also provides increasing avenues for employment of new and experienced labor force. It enables diversification of the market necessary at higher stages of development. Apart from these infrastructural facilities like railways, power generation, etc, for further economic development are provided by this sector. Industry brings a lot of foreign exchanges because the income-flexibility of demand for industrial products is much advanced than that of agricultural products.

Industries in terms of assets can be divided into large and small sectors. The cottage industries, also known as household industries, are organized by individuals with personal resources and with the help of members of the households. These industries use resources and skills, that are available in nearby areas for e.g, carpet weaving, handloom and handicraft industries, etc.

On the basis of possession, we can describe a business undertaking as a private, public, or joint sector enterprise. A private-sector enterprise is owned, managed, and controlled by an individual or a group of individuals for an example Tatas, Reliance, etc.

Whereas the private enterprises may be of different types like individual proprietorship, joint family firm, partnership, cooperative and limited company. A public sector enterprise is one which is owned, managed, and controlled by the central government or state government for an example Railways. Posts and Telegraphs Life Insurance Corporation (LIC), etc. A joint sector enterprise is owned, managed, and controlled jointly by the private entrepreneurs and the government.

When India was freed from the British, it had no industries and there were problems like shortage of raw materials, lack of capital bad industrial relations, etc. So, there was a necessity for a strong and efficient industrial policy. The first important industrial policy resolution was issued by the Government of India on April 6, 1948. Since then, industrial policies have been adapted and a new policy for industries has been put forward the number of times for proper growth.




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