Describe the Importance of Industrial Sector in Pakistan?

Question 

Describe the Importance of Industrial Sector in Pakistan?

Introduction

Industrialization plays a vital role in the economic development of the country of an underdeveloped country.The historical facts reveal that all the developed countries of the world broke the vicious circle of the underdevelopment by industrialization.Pakistan being a developing country also wants to achieve higher standard of living for its masses.It has ,therefore,embarked upon various programs of industrialization.The policies of privatization,deregulation and liberalization of the economy are being pursued.The role of Industrialization in economic development is summed as follows

1.Increase in National Income  

Industrialization makes possible the best utilization of the limited resources of the country.It helps in increasing the quantity and quality of various kinds of manufactured goods and thus makes larger contribution to gross national product.

2.High Standard of Living

The Industrialization helps in increasing the value of output per work.The living standard of the people is improve with the help of industrialization.

3.Economic Stability

Industrialization is the best way of providing economic stability to the country.A nation which depends upon the production and export of raw material alone cannot achieve a fast rate of economic growth.Many of the opportunities of investment is provided to the people.

4.Improvement of Balance of Payment 

It helps in increasing the export of manufactured goods and thus earn foreign exchange.On the other hand,the processing of raw material at home limits the import of goods and helps in saving foreign exchange.

5.Progress in other sectors

Industrialization encourages progress in other sectors of the economy.A development of one industry leads to the development and expansion of the other industries.

6.Increase in Employment 

Industrialization increase in employment in the country.It also provides investment opportunity to the people and savings of the people increase.

7.Specialization

The industrial labour force is more skilled and specializes than in the agriculture sector because industrialization promotes specialization and skill of the labour.

8.Increase in agriculture production 

Industrialization provides machinery like tractors,threshers,harvesters,bulldozers,transport,spray etc to be used in the farm sector.

9.Simple to control industrial activity

The industry activity compared to agriculture is easy to control.The industrial production can be expand or cut down according to the prices,cost and demand of the product.

10.Technological progress

Industrialization provides larger possibility for on the job training and technological progress.The use of advanced technology increase the scale of production,reduces cost of production,and improves quality of product.

11.Control of population

Industrialization leads to migration of surplus labour from farm sector to the industries mostly situated in urban areas.In cities,improved facilities of sanitation and health care are available.

12.Increase in investment 

Industrialization increase the income of the workers.It improves their capacity to save.It provides investment opportunity to the people.

13.Reduces pressure on land

The establishment and expansion of industries lessens the excessive pressure of labour forces from the agriculture sector.

14.Increase in Govt Income

Industrialization increases the supply of goods both for internal and external markets.The export of goods provides foreign exchange.It also provides benefit and income to the Govt.

15.Price Stability

The price stability can be maintained in the market with the help of production of industrial products.More production of industrial sector removes the shortage of supply of goods.

16.Use of Raw Material

Raw material produced in the agricultural sector can be utilized in industrial sector,which not only removes wastage of raw material but also supports the agricultural sector.

17.Use of Natural Resources

The natural resources are underutilized in developing countries.These natural resources can be best utilized with the help of improved industrial techniques.

18.Political Control

Industrial development provides political control to a nation.Countries like U.S.A,Japan,China,and U.K  are among the nations of the world because of their industrial achievement along with scientific development and progress.

Conclusion 

Industrial sector is a very important sector of the world and countries have not been able to succeed on the basis of any one sector alone.It is very important for any country to develop and promote its sector.