Which had laid the basis for industrial development in the future. The second plan, basedon Mahalanobis model, emphasized the development of Capital Goods industries and basic industries. Accordingly huge investments were made in industries like iron andsteel, heavy engineering etc the same pattern continued in the Third plan as well. Thereoccurred a noticeable acceleration in the compound growth rate of industrial productionover the first three plan periods up to 1965 from 5.7 per cent in the First Plan to 7.2 per cent in the Second Plan and further to 9.0 per cent in the Third Plan .
Phase Two
Which cover the period 1965 to 1976 was marked by a sharp deceleration industrialgrowth. The rate of growth fell steeply from 9.0 per cent per annum during the Third Planto a mere 4.1 per cent per anum during the 1965-1976.
Phase Three
Which cover the period of 1980’s can broadly be termed as a period of industrial recovery. The rate of industrial growth was 6.4 per cent per annum during 1981-85, 8.5 per cent per annum during the Seventh Plan and 8.3 per cent per annum in 1990-91.
Phase four
The year 1991 ushered in a new era of economic Liberalization-2/”>Liberalization fall under Phase Four.Major liberalization measures designed to affect the performance of the industrial sector were – wide-scale reduction in the scope of industrial licensing, SIMPLIFICATION of procedural rules and regulations, reductions of areas etc.,
The Average annual growth rate of industrial production which was 7.8 per cent in the pre-reform decade fell to 5.7 per cent during period 1990-2000. The Post-Reform periodwas marked by considerable fluctuations and thus showed a total lack of consistency inindustrial growth performance.
Phase Five
The period of the Tenth Plan 2002-2007 has witnessed revival of industrial growth. Therate of growth of industrial production was 5.7 per cent in 2002-03 and picked upconsiderably to 7.0 per cent in 2003-04, 8.4 per cent in 2004-05, 8.2 per cent in 2005-06and to as high as 11.5 per cent in 2006-0. For the Plan as a whole the average rate of growth of industrial production comes out average rate of growth of industrial productioncomes out to be 8.2 per cent per aurum. Yet it marks a considerable increase over earlier plans. In fact the rate of growth in industrial production at 11.5 per cent in the last year of the plan, 2006-07 is the highest growth achieved since 1995-96.
Recent trends
Sectorwise trends
Steel
In the backdrop of a slowing world economy and over capacity in production of steel, India witnessed rising imports of cheap steel from countries like China, South Korea and Ukraine into Indian markets at low prices since early 2014-15. This dumping of cheaper steel imports adversely affected domestic producers. In order to address this, apart from raising customs duty and imposition of anti-dumping duty, Minimum Import Price (MIP) on a number of items was introduced in February 2016 with a sunset clause of one year. These measures helped the domestic producers and exports recovered since February 2016 until March 2017.
Textiles and Apparels
The Textiles and Apparels sector has tremendous potential for growth in exports and EMPLOYMENT, particularly, Women’s employment. The sector witnesses a historic opportunity with China losing market share in clothing exports due to rising labour costs. However, India has not been able to leverage this opportunity due to India’s competitors i.e. Bangladesh, Vietnam, Ethiopia having duty free access to markets of EU and USA; high domestic taxes on manmade fabrics vis a vis Cotton fabrics; stringent labour laws; and high Logistics cost.
To address some of these constraints, the Cabinet announced a `6000 crore package for the apparel sector on 22nd June 2016. Major components of the package included enhanced subsidy under Amended Technology Upgradation Fund Scheme for concessional import of machinery from 15 per cent to 25per cent (conditional on firms generating requisite employment); implementation of Rebate of State Levies on Export( RoSL) for state levies which were not refunded through duty drawback earlier; Government to bear 12 per cent of the employers’ contribution of the full EPFS for new workers; increasing overtime caps in line with ILO norms; and introduction of fixed term employment.
Leather sector
Like the clothing sector, leather sector is also highly labour intensive sector (as discussed in Economic Survey 2016-17, Vol 1, Chapter 7). Going by global market trend, it is a favourable time to promote the footwear Industry. However, challenges persist. The global demand for footwear is moving towards non leather footwear, while Indian tax policies favour leather footwear production. India also faces high customs tariffs in a number of developed country markets of leather goods and non-leather footwear. The issues in labour and employment have been recently addressed.
Gems and Jewellery
India is one of the largest exporters of gems and jewellery. The industry is found to play a vital role in the contribution to total foreign reserves of the country. It is one of the fastest growing sectors and is export oriented and labour intensive. As per the 68th round of NSSO, the sector employed 20.8 lakh persons in 2011-12. Exports of the sector have risen from 0.7 per cent in 2014-15 to 12.8 per cent in 2016-17.
MSME Sector
The share of MSME Sector in the country’s Gross Value Added (GVA) is approximately 32 per cent. MSMEs in India play a crucial role in providing large scale employment opportunities at comparatively lower capital cost than large industries and also in industrialization of rural & backward areas. As per the National Sample Survey (NSS) 73rd round, for the period 2015-16, there are 633.8 lakh unincorporated non-agriculture MSMEs in the country engaged in different economic activities providing employment to 11.10 crore workers.
Foreign Direct Investment (FDI) has been an important source of financing for the economy. FDI Policy reforms announced in 2016 brought most of the sectors under automatic approval route, except a small negative list. Total FDI inflow grew by 8 per cent i.e. US$ 60.08 billion in 2016-17 in comparison to US$ 55.56 billion of the previous year. It is the highest ever for a particular financial year. In 2017-18, till September, the inflow of total FDI was to the quantum of US$ 33.75 billion.
In terms of share in FDI Equity inflows, Mauritius, Singapore and Japan have been top three countries in India contributing 36.17 per cent, 20.03 per cent and 10.83 per cent of the total FDI Equity Inflows during 2016-17. In terms of the Sectors receiving FDI Equity inflows, Services (Finance, Banking, Insurance etc.), Telecommunications and Computer Software & Hardware have been the top three sectors with a share of 19.97 per cent, 12.80 per cent and 8.40 per cent respectively.
,
The industrial sector is a broad term that encompasses a wide range of industries. Some of the most common industries included in the industrial sector are aerospace, agriculture, automotive, chemical, construction, consumer goods, energy, financial services, food and beverage, healthcare, industrial equipment, information technology, manufacturing, mining, oil and gas, pharmaceuticals, real estate, retail, technology, telecommunications, transportation, and utilities.
Each of these industries plays an important role in the economy. Aerospace companies design and build aircraft, spacecraft, and missiles. Agriculture companies produce food and fiber. Automotive companies manufacture cars, trucks, and buses. Chemical companies produce chemicals used in a variety of products, including plastics, Fertilizers, and pharmaceuticals. Construction companies build roads, bridges, and other Infrastructure-2/”>INFRASTRUCTURE. Consumer goods companies produce products that are used by consumers, such as clothing, electronics, and food. Energy companies produce energy, such as oil, gas, and electricity. Financial services companies provide financial services, such as banking, insurance, and investment. Food and beverage companies produce food and beverages. Healthcare companies provide healthcare services, such as hospitals, clinics, and pharmacies. Industrial equipment companies produce equipment used in manufacturing and other industries. Information technology companies provide information technology services, such as software development and data storage. Manufacturing companies produce goods, such as cars, appliances, and electronics. Mining companies extract Minerals from the earth. Oil and gas companies extract oil and gas from the earth. Pharmaceuticals companies produce pharmaceuticals. Real estate companies own and manage real estate. Retail companies sell goods to consumers. Technology companies produce technology products, such as computers, smartphones, and software. Telecommunications companies provide telecommunications services, such as phone, Internet, and cable TV. Transportation companies transport goods and people. Utilities companies provide essential services, such as water, electricity, and gas.
The industrial sector is a major driver of the global economy. In 2019, the industrial sector accounted for 26% of global GDP. The industrial sector is also a major employer, with over 2 billion people employed in the sector worldwide.
The industrial sector is facing a number of challenges, including Globalization/”>Globalization-3/”>Globalization, technological change, and Climate change. Globalization has led to increased competition from foreign companies, which has put pressure on prices and profits. Technological change is leading to the automation of many jobs, which is displacing workers. Climate Change is leading to extreme weather events, which are disrupting businesses and infrastructure.
Despite these challenges, the industrial sector is expected to continue to grow in the coming years. The growth of the industrial sector will be driven by the increasing demand for goods and services, the growth of emerging markets, and the continued development of new technologies.
The industrial sector is a vital part of the global economy. It provides jobs, goods, and services that are essential to our daily lives. The industrial sector is also a major driver of innovation and economic growth. The industrial sector is facing a number of challenges, but it is expected to continue to grow in the coming years.
What is the Industrial Sector?
The industrial sector is a broad term that encompasses a wide range of industries, including manufacturing, construction, and mining. These industries are responsible for producing the goods and services that we use on a daily basis.
What are the different types of industries?
There are many different types of industries, but some of the most common include:
Manufacturing: This industry is responsible for producing goods, such as cars, appliances, and electronics.
Construction: This industry is responsible for building structures, such as homes, offices, and factories.
Mining: This industry is responsible for extracting natural Resources, such as coal, oil, and natural gas.
Agriculture: This industry is responsible for growing crops and raising Livestock.
Transportation: This industry is responsible for moving goods and people from one place to another.
Utilities: This industry is responsible for providing essential services, such as electricity, water, and gas.
What are the benefits of the Industrial Sector?
The industrial sector provides many benefits to Society, including:
Jobs: The industrial sector is a major employer, providing jobs for millions of people around the world.
Goods and services: The industrial sector produces the goods and services that we use on a daily basis.
Economic growth: The industrial sector is a major driver of economic growth.
Innovation: The industrial sector is a major source of innovation, leading to new technologies and products.
What are the challenges of the Industrial Sector?
The industrial sector also faces a number of challenges, including:
Pollution: The industrial sector can be a major source of pollution, affecting air quality, water quality, and land use.
Climate change: The industrial sector is a major contributor to climate change.
Inequality: The industrial sector can exacerbate inequality, as workers in some industries are paid more than workers in others.
Safety: The industrial sector can be a dangerous place to work, with workers exposed to hazards such as chemicals, machinery, and noise.
What is the future of the Industrial Sector?
The industrial sector is facing a number of challenges, but it is also poised for a number of opportunities. The sector is expected to grow in the coming years, driven by factors such as Population growth, Urbanization, and technological innovation. The sector is also expected to become more sustainable, as businesses adopt new technologies and practices to reduce their environmental impact.
What are some of the latest trends in the Industrial Sector?
Some of the latest trends in the industrial sector include:
The rise of automation: Automation is increasingly being used in the industrial sector to improve efficiency and reduce costs.
The growth of 3D printing: 3D printing is a new technology that is being used to create a wide range of products, from toys to medical devices.
The development of new materials: New materials are being developed that are stronger, lighter, and more durable than traditional materials.
The growth of RENEWABLE ENERGY: Renewable energy sources, such as solar and wind power, are becoming increasingly popular as businesses look to reduce their carbon footprint.
What are some of the most important issues facing the Industrial Sector?
Some of the most important issues facing the industrial sector include:
Climate change: The industrial sector is a major contributor to climate change, and businesses are under pressure to reduce their emissions.
Inequality: The industrial sector can exacerbate inequality, as workers in some industries are paid more than workers in others.
Safety: The industrial sector can be a dangerous place to work, with workers exposed to hazards such as chemicals, machinery, and noise.
Sustainability: The industrial sector is under pressure to become more sustainable, as businesses look to reduce their environmental impact.
Sure, here are some MCQs without mentioning the topic Industrial Sector:
Which of the following is not a type of business organization? (A) Sole proprietorship (B) PARTNERSHIP (C) Corporation (D) Industrial sector
Which of the following is not a factor of production? (A) Land (B) Labor (C) Capital (D) Industrial sector
Which of the following is not a type of market structure? (A) Perfect competition (B) Monopoly (C) Oligopoly (D) Industrial sector
Which of the following is not a type of economic system? (A) Capitalism (B) Socialism (C) Communism (D) Industrial sector
Which of the following is not a type of economic growth? (A) Positive economic growth (B) Negative economic growth (C) Zero economic growth (D) Industrial sector
Which of the following is not a type of Economic Development? (A) Economic growth (B) Economic development (C) Economic stability (D) Industrial sector
Which of the following is not a type of economic inequality? (A) Income inequality (B) Wealth inequality (C) Opportunity inequality (D) Industrial sector
Which of the following is not a type of economic indicator? (A) Gross domestic product (GDP) (B) Gross national product (GNP) (C) Consumer price index (CPI) (D) Industrial sector
Which of the following is not a type of economic theory? (A) Classical economics (B) Keynesian economics (C) Monetarism (D) Industrial sector