Industrial Development – Meaning
Industrial development means the development of the large-scale industry in a particular area to produce finished goods and service which generates employment, revenue and income to society.
It includes the planning and development of new industries in special areas. Large-scale industrial parks are planned to meet the need of the government, defence, etc.
Industrial Development is about the setting of heavy industries to meet the manufacturing need of economy.
Industrial Development offers many advantages. Let’s have a look at them:
- Industrial Development leads to large-scale production of goods and services.
- It saves the time and labour.
- It helps in producing goods at minimum cost.
- It creates many employment opportunities.
- This raises the standard of living of people.
- It reduces poverty.
- There is a growth of new modes of transportation in these areas.
- It causes the increase in GDP of the country.
- The country import decreases and country become self-reliant.
- It increases the foreign reserves of the country.
- It supports other sectors of economy like agriculture, defence, etc.
- The government revenue increases.
- It leads to growth of education.
- It increases the infrastructure development by building new houses for employees, etc.
- It helps in improving the medical facilities in nearby areas.
There are some disadvantages of industrial development too. Some of them are.
- Industrial development may lead to a decline of rural industries.
- It leads to mass migration from rural areas.
- It causes depletion of the natural resources.
- It pollutes the air by emitting green house gases.
- It discharges industrial effluents in the water.
- It causes deforestation. Trees are removed to set up the factory.
- There is increased pressure on city resources.
- It may cause extinction of the habitat and wildlife.
- The increase risk of human-animal conflict due to their wildlife loss.
- There is a lack of interest in agriculture activities.
- It leads to brain drain. People prefer to live in cities which offer better amenities than coming back to villages.
- There is congestion of traffic.
- It leads to inflation.
Industrial Development is the backbone of the economy. The growth of the country is based on the rate of industrialization. It gives employment to millions of people. It generated incomes and makes the country self-reliant. However, there are some dark sides of industrialization. It increases pollution, leads to deforestation, etc. But for generating employment and progress of the economy industrial development is necessary.