Importance of industrialization in economic development. The importance of industrialization 2019-02-11

ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF NIGERIA

The overall demand of an economy is increasing. Therefore, nothing prevents efforts being devoted to it as many developing nations are doing. The Industrialization began in England for many reasons. There was significant capacity addition in 1998-99 and first quarter of 1999-2000. However, the presence of abundant resources is not a sufficient enough condition to explain all aspects of economic growth. A common fallacy is assuming that additional transport investments will have a similar multiplying effect than the initial investments had, which can lead to capital misallocation. While the project was commissioned on schedule, Iran did not lift any quantity of Concentrate consequent to political developments in that country.

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Next that country moves on to other innovations. Thus, the more efficient transportation becomes, the larger the markets that can be serviced and the larger the scale of production. Thus, the amortization of transport investments must consider the lifespan of the concerned mode or infrastructure. The industry is delicensed subject to the locational angle. Raise in Standard of Living :- Industrialization increases the efficiency of the worker.

ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF NIGERIA

Thus all three factors time preference, portfolio choice, and expectations interacted to produce an economically irrational reaction to the oil-boom in Nigeria. With the industrialization in the economy this disparity can be removed. Utilization of Natural Resources :- In some countries are lot of barren land and minerals. Economics and Development Studies makes the economic dimension of discourse around controversial issues in international development accessible to second and third year undergraduate students working towards degrees in development studies. Conclusions about the success of the Azerbaijani model of socio-economic development are made. Areas of the largest agglomeration of industry are: -Western and Central Europe -Eastern North America -Russia and Ukraine -Eastern Asia All Four Tigers used this strategy which is to directly integrate their economies into the global economy by concentrating on economic producitn that can find a place in international markets.

Transportation and Economic Development

The capacity utilisation in the spinning sector of the organised sector has provisionally increased from 80 per cent in 1990-91 to 86 per cent in 1997-98. Today, India is in a position to meet 70 per cent of its requirement of bulk drugs and almost all its requirement of formulations. Increase in Government Revenue :- With the expansion of industries the collection of taxes like excise duty and income tax increases. Steam and hydro turbines are manufactured both in the public and private sector. The objective of this policy was to strengthen the economic infrastructure Features: i. Enter your email address: Delivered by.

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. Lactic acid bacteria's sensitivity to antibiotics. The increase in farmers' income boosts economic development more generally. The three plants in the public sector came into existence in stages between 1956 and 1959 and the expansion of the private sector plants was completed in 1959. Transportation influences the economic opportunities of production and consumption.

Is industrialization good for the economy?

Industrialization has always been the backbone of economic development. It achieved a turn-over exceeding Rs. They provide basic education, which increases the skills of farmers and small industrialists. Rubber Goods Industry: At present, the rubber goods industry comprises 32 tyre units, 220 medium scale units, 5,500 small scale units and an equal number of units in the tiny sector. Fuller Utilization of Resources Savings pooled by banks are utilized to a greater extent for development purposes of various regions in the country. It also targeted a long list of heavy industrial complexes like the Iron and petrochemical, sugar estates, expansion of cement plants and refineries, commercial vchicle assembly plants etc. Due to heavy pressure of population in underdeveloped and developing countries and its rapid increase, the demand for food is increasing at a fast rate.

Is industrialization good for the economy?

The study set one hypothesis which includes public revenues does not impact on economic growth in Nigeria. Each case appears to be specific to a set of timing circumstances that are difficult to replicate elsewhere. A new Plan scheme, titled Indian Leather Development Programme has been approved under the Ninth Plan. Instead, modes have been linked with the economic functions they support and the geography in which growth was taking place. The higher the index the more the country pursues strategies in which it does not have a comparative advantage. So production and employment will increase rapidly. Hindustan Fertilizer Corporation Limited has five units in production, three at Namrup in Assam and one each at Durgapur in West Bengal and Barauni in Bihar, having a total annual installed capacity of 6.

Importance of Industrial Sector in Economic Development

The National Fertilizers Limited was established on 23 August, 1974. But credit sales may lead to locking up of capital. The people thus can have more goods and service: leisure and better health denied the previous generations. In addition clusters will only form if firms follow comparative advanatages. That said, a country which does not pay attention to the passive factors that influence these goals will struggle to see the rapid growth in human capital that they desire. This arose from the fact that as Nigeria approaches independence, nationalist politicians saw as one and the same power, prestige, and the development of manufacturing industries.

ROLE OF INDUSTRIALIZATION IN ECONOMIC DEVELOPMENT OF NIGERIA

Establishment of numerous large scale industries indicate industrialization. This plain therefore, was directed at addressing a purposeful drive of import substitution of these wanted items. The rising agricultural surplus caused by increasing agricultural production and productivity tends to improve social welfare, particularly in rural areas. For this reason, it is pursuing policies that support privatization and deregulation of the economy. Besides, there are about 79 units producing single superphosphate. The paper industry reported an average growth rate of 5 per cent each during 1997-98 and 1998-99. High level of investment iv.