The term industry is used to describe a very specific business activity that influences the geographical factors of location and development with the use of raw material and then distributed at the finish products. Industries bring up to the production of economic good and services. Industry is the most important prospect of the economy. Industry is the backbone of the economy that holds key to economic development and overallprosperity. Not any country makes stable and strong economy without industry. Similarly when talk about the modernization of the economy and modernization of the state; industry plays an important role in determining the kind of modernization of the economy that has taken place in a country.
Industrialization of industrial development also helps to build the international image of the country because if a country has industries and technology its role and its position in the economic domain increases it plays more significant role in the economy at the international level. This industrialization also facilitates trades because if country produce boards products then send both products abroad and earn foreign exchange. Industry also helps to reduce dependence on others if any country has not industry then it will never progress and not compete the international level and rely on others for small things and even small day to day use items and also for building economy and always looking to other for help in any situation.
Primarily agricultural countries like Pakistan even in this area industrial development helps because for good agriculture need import and for bringing import to agriculture industry plays a vital role e.g. fertilizers use for agriculture and if Pakistan have not fertilizer industry than Pakistan import fertilizer and spend lot of foreign exchange that make the country backward and less developed. Even for agriculture; how to harvest the crop use modern techniques and also help through the industry turn raw material in to finished products and these products earn more foreign exchange.
Industrialization is also important for providing lot of opportunities to the citizens for employment. Like if a set-up of industry in any area of Pakistan than new employers higher on the industry for work and many jobs create that helps the citizens for improve their living standard and for better future its ultimately effect on country progress. Therefore its helps to economic development of the country the overall prosperity and in this way industry become integral part of your economy. Industrialization also facilitated reduction of poverty, provide employment, job opportunity and industry also help to improve the quality of life and can produce products and goods which are needed for bringing comfort to the lives of ordinary people for the betterment of the quality of life. Industry is also important for building defense and security potential of the country.no country has powerful defense and security arrangement unless it is backed up with industry.
There is a two kind of industry in Pakistan first the general industry and also have defense related industry. Industries that directly produce goods and products which are needed for defense weapons and military equipment’s. If any country really developed like united states they could produce aircraft and ships and other items that are needed for defense therefore, when examine the defense potential of the country then also look at the economy of that country and when looking at the economy of the country than go to the area of industrial development work and check the technologies and manufacturing ways of the industries and what kind of industry a country has and how far a country a self-sufficient in defense production and defense industry.
Economy is the network that applies to everyone from individual to regional, national and international level that helps to procedures, distributors, and consumers of good and services according to geographical location. Economic activities include natural resources, raw material, labor, capital, new technologies for production of anything.
Economic development deals with the growth and reformation of an economy to improve the economic welfare of people that live in a particular place (IEDC, 2005). The primary effect of economic development is raising income and wealth. (Blair 1995; Cheshineet al, 2004). The economic development process combines the capital, labor, and technology of a region in such a way that helps to promote economic and social welfare (Balkely et al, 2002). The backbone of the economy is the technology that improves the way of living. Economies which are rich in term of human capital will grow faster as compared to the region having less (Romer 1990). Economic development supporting the competitive edge of a region in order to favour its adjustment to rapidly changing global markets (Darbenstott 2005; Proter 1990).
According to Professor Arthur Lewis means of economic development is an increment of output, which depend on per head in a country. Economic development increases the living standard and per capita income that effect on social, economic human development and many other factors. Economic development is process that changes the demand and supply procedure as well as good and services of natural resources. Through the increment of industries economy increase that helps to poor, and give leisure, equal opportunity of life more capital formation and better trade that make any country progress andhigher in the world rank.
Economic growth is a different from the economic development. Economic growth is the quantitative term that uses to measure theincremental of gross national product over a long period of time that left the great effect on the economy and raising the output of the nation. Economic growth is a slow and steady procedure that produces moreproduction but over a limited time period that change the economy of a country. Economic growth has ability to produce high quantity and quality things that help to increase the labor force, capital goods, introduce new technologies and techniques or other factors that a minimize the poverty line of a country.
Before the industrial revolution economy is not higher as compared to population and limited capital income. The most rapid growth occurred during the industrial revolution because it was an excessive population growth. Machine tools make the economic productionhigher. After 1950 resumed of goods and services and demand for capital investment is higher in manufacturing and chemical industries.
After 1973 United States slowed down in contrast in Asia. In 1957 South Korea per capita gross do, artistic production is lower than Ghana and in 2008 Korea is 17times as high as Ghana’s. TheJapanese economic growth has slowed down since the late 1980’s. In 19th a United States grew again and rapidly growth in the middle decades of the 20th century.After 2008 United States produced growth returned to the lower level of 1972-1996.
The world economy is the economy of the world which considered as the international changes of goods and services that is explicit in pecuniary units of accounts. It is also called global economy and the international economy. The world economy is a conglomeration of separate countries. The combination of gross national product of all countries in the world called Gross World Production (GWP).
The world economy fluctuates in all year. In 2000 Gross World Production was 4.7% and in 2005 was 4.8% increment of 1% in 5 years. In 2010 wordGross World Production was 4.4%, it means Gross World Production was decreased 4% and in 2015 was decreased more and became 3.1% and the future predication is in 2016 is 3.2% that increased by 2015.
The economy of Pakistan is the 38th largest in the term of nominal Gross Domestic Production (GDP); 25th largest in the world in the term of Purchasing Power Parity (PPP). The population of Pakistan is over 190million (the 6th largest populated country of the world in 2015) and giving it nominal Gross Domestic Production (GDP) per capita of $1550 (2016), 132nd in the world.
The economy of Pakistan has suffered from the past to till due to ix level of foreign investments, internal political disputes and fast growing population. Pakistanis a developing country that currently undergoing a process of economic liberalization.Pakistan economy has major growth poles that are situated in Karachi and branch out the economies in along the Indus river and major urban center in Punjab but the other rest part of the country are lesser developed. Pakistan is an Islamic Republic country. The Pakistan major economy is depending on agriculture and with the use of raw material industry has higher amount. Pakistan is in the 55th number in the world factory output.
After they came into being of Pakistan in 1947 then restarted with a very limited and very small industrial base the areas that become Pakistan were relatively less developed then the areas that becomeIndia most of the industry that the British had set walls situated in the areas that were given to India so for as Pakistan is concerned almost 4% of the total industrial unit or industry came to Pakistan site mostly.
Pakistan had small size unit with very simple system or which could need simple all straight needs like Pakistan have some sugar mills, biscuit factories, cigarette, manufacturing factories, oil mills, cement unit, match factory, steel rolling and glass work, these would be kind of industries that Pakistan had in 1947and then government gave is serious talk to this issue that is how to build Pakistan’s industrial base in the early years certain priorities look setup that is Pakistan would work toward achieving those priorities there were five major priorities given by the government of Pakistan in the early years of independences..
So this was the fourth basic objective outlined by the government ofPakistan in the early years. The first objective was that emphasis should also be on training and research for industry training and research are extremely important and it’s adversely affected.
Spend money for new research; research for produces new products, bringing new items so the emphasis was this research should be encouraged and there should be station that would trained people for different sector of industries, so that development and industry progress rapidly now certain institution arrangements were also made for example industrialization was made as integral part of the economic development processes that was started in Pakistan for example in 1948 industrial development board was set up.
Due to this set up primarily to create to make development plans and then in 1951 six year development plan was launched from 1955 fiveyear plan was initiated first five year plan from 1955 to1960 and second five year plan from 1960 to 1965 and in this way number of plans were introduced in all this five year plans the emphasis was onindustrialization.
In fact Pakistan made significant strides in the field of industry in the second and third five year plan during the sixties new industry wasset up in Pakistan and the old industry was expanded andmodernized and in this way in the sixties and then subsequently.
Industrial structure and cluster have different pockets that variedaccording to geographical location, competitive labor skills and historical backgrounds. The overall industrial structure of Punjab is a combination of both Large and Small industrial Estates. But the Small manufacturing estates have huge potential for development that is vital for the industrial growth of the province.
In 2003 Punjab produce 90% manufacture of the paper and paper goods, 71% manufacturing production of the fertilizers, 69% of the sugar and 40% of cement. In 2000 the numbers of reporting factories are 2364 and in 2015 the number of reporting factories are 3590 and the small and cottage industries include. There are 39,033 small and cottage industrial units in 2003 in Punjab. Divisions of Lahore and Gujranwala have the largest density, small light engineering units. Silakot district is famous in surgical instruments, sports goods and cutlery goods. Punjab province is also a rich in minerals, which deposits of coals, gas, petrol and rock salt that are the second largest mine in the world. Dolomite, silica-sand and gypsum over hundredseconomically valuable projects is running under the Punjab Minerals Development Corporation.
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