All rights reserved. After 1966, agricultural sector has improved decently compared to industries. To mention, good Industrial Relations help: Foster Industrial Peace: Under the mechanism of Industrial Relations, both employees and managers discuss the matter and consult each other before initiating any actions. For example, at the Alwar plant of Eicher Tractors, productivity went up from 32 per cent between 1994 … Progress is propelled by industrial development. We live in a world that is always advancing—the technological age. When that production was shifted into mass production in factories, everything changed. Doubts, if any, in the minds of either party are removed. Establishment of more and more industries increased the employment opportunities and absorbed the extra manpower within the country. At the same time, industrial workers buy consumer goods from other sectors. As industrial uses grew in complexity and importance, schools of design and architectural theory emerged to respond to the challenges that this development posed. Industrialization and urbanization are just like brothers that grow and develop together and developed each other (Lexicon Universal Encyclopedia, 1997). The Industrialization helps in increasing the value of output per work.The … Industrialization is a process where primary goods are used to produce manufacturing goods, sometimes human labor is replaces by machines and robots. It means creation and growth of manufacturing units. The Industrial Revolution. These advancements propelled the world forward as industrialization grew and resources advanced. Every country also wants to remove the poverty by improving the industrial sector. Since then, it’s grown into a city of 35,000 residents. These factors and more contribute to the growth of industries within an economy. All of these benefits and more make industrial development extremely valuable to a population and the local economy. It increases the national income of the country. agriculture, power, transport and other services. Importance in International Trade: Industrialisation plays an important role in the promotion of trade. All these products are the outcome of industries. © 2017 – EM Founders Group. Eagle Mountain Real Estate. Hence there is urgent need to develop industrial sector in India. More and more industries must be established to increase exports and decrease imports. Trade and commerce are very important to meet the different needs of human beings as discussed below: Specialization of production. Thus, from the Second Five Year Plan the Planning Commission has given huge emphasis on industrialization in India. Answer (1 of 5): Importance of IndustrializationIn today's age everything seems to flow smoothly. It means creation and growth of manufacturing units. The industrialisation is not only helpful in the development of industries but it also promotes agriculture, trade, transport, foreign trade, services and social sectors of the economy. The impact people felt from the Industrial revolution had a tremendous amount to do with where they stood in society as well as where the belonged in the labor force. There is an entire industry of … The Importance of Industrial Parks in Economic Development. Improvement in balance of payments Local economic growth increases a […], Commercial real estate, also known as CRE, is any property owned to produce income. The industrial revolution, though, has almost an equal number of pros and cons, is indispensable. These commitments are related to SDG 9. Industrialization, the process of converting to a socioeconomic order in which industry is dominant. In fact size of capital formation in both public and private sectors provides a stimulus for industrial growth or vice versa. The Boott Cotton Mills in Lowell, Mass., were begun with the high-minded purpose of proving that the wretched conditions of English workers were not a necessary by-product of industrialization. The Industrial Revolution was a major turning point in history which was marked by a shift in the world from an agrarian and handicraft economy to one dominated by industry and machine manufacturing.It brought about a greater volume and variety of factory-produced goods and raised the standard of living for many people, particularly for the middle and upper classes. Many have mentioned the importance of industrialization. Rise in Capital Formation: Industrial development is positively correlated with increase in capital … Before publishing your articles on this site, please read the following pages: 1. Importance of Industrialization In today’s age everything seems to flow smoothly. Also read: Importance of globalization. As productivity in an area increases, there is so much more opportunity. Also read: Importance of globalization. Why It’s Still Important As it has in the past, industrial development provides endless opportunity for an area.

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