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The Industrial Revolution had many positive effects. Among those was an increase in wealth, the production of goods, and the standard of living. People had access to healthier diets, better housing, and cheaper goods. In addition, education increased during the Industrial Revolution.
Some of the drawbacks included air and water pollution and soil contamination that resulted in a significant deterioration of quality of life and life expectancy. Industrialization also exacerbated the separation of labor and capital.
Industrialization has brought economic prosperity; additionally it has resulted in more population, urbanization, obvious stress on the basic life supporting systems while pushing the environmental impacts closer to the threshold limits of tolerance.
Industrialization increases the supply of goods for internal and external markets. The government receives revenue in the form of custom and excise duties, sales and income taxes from the industrialists due to which government revenue increases.
Industries provide machinery like tractors and modern inputs to the agricultural sector. It improves the working and live-style of the farmers. Industries also provides arms and ammunition for the defence of a country, without these the country will become extremely vulnerable.
Industries play an important role in the economic development of any nation . without industries, economic development is impossible. The various favourable factors present in the country for the development of industries are: The country is rich in natural resources, such as minerals, forests, fisheries, etc.
Education has great potential to change the world when a society is educated, there is a great allocative and productive efficiency with rapid rates of development. Thus, education is the most important step in the development of a country and everyone must promote it to the greatest levels.
Manufacturing provides many jobs, at all levels. It is important as an employment generator. Among all sectors (service, agriculture, social, manufacturing), manufacturing distributes wealth most equitably among the work-force; hence is a key factor to pull people above the poverty line.
Importance of manufacturing industry is as follows: It has helped in modernising agriculture by manufacturing tractors, tools and machines used in cultivation. It has reduced employment pressure on agriculture. It has brought in much needed foreign exchange.
Manufacturing drives productivity growth and innovation The reason for the strong relationship between industrialisation and economic development is that the manufacturing sector is the driver of productivity growth. This, in turn, is the lifeblood of technological development.
The main objective of the manufacturing process is to produce as many goods as possible in the least expensive way possible. Manufacturers can only achieve that objective by relying upon heavy equipment, much of which is automated.
Made in America: Avoiding the Disadvantages of Manufacturing OverseasPoor Quality. Low Labor Content. High Transportation Costs. Extended Supply Chain. Lack of Control. Increased Time-to-Market. Loss of Intellectual Property.