Have you ever take a review about the importance of role of industrial sector in economic development of Pakistan? Undoubtedly the industrial sector plays a vital role in the economic development of a country. Industrial Sector of an economy refers to that sector of the economy which is engaged in the manufacturing and production of different products. The industrial sector is the second largest sector of the economy not only in Pakistan but almost every country. Industrialization is very important for the progress of a country as it plays a vital role by increasing in national income, government revenue, and increases employment opportunities for both skillful and unskilled people, economic and political stability, agricultural development, an extension of the market, high standard of living, increase in social welfare and exports. Those countries are falling on the list of top ranking is only due to industrially development, you can you realize the worth and role of industrial sector in economic development by this narration.
Role Of Industrial Sector In Economic Development Of Pakistan
Here below we are going to explore some of the major role of industrial sector in economic development of Pakistan.
Main Industries in Pakistan:
- Textile Industry
- Sports Industry
- Sugar Industry
- Cement Industry
- Fertilizer Industry
- Increase in National Income:
Industrialization ultimately uses optimum scarce resources which results in more production, more employment, and more income. Increases in production ultimately increase in national income of a country. The national income of a country directly depends upon rising and fall in the industrialization of a country.
- Increase in Government Revenue:
Industrial sector plays a vital role in the increase in government revenue. Industries pay different types of taxes to government e-g (Excise Duty, Customs Duty, Corporate Tax, and Sales Tax) which ultimately results in an increase in government revenue.
- High Standard of Living:
Industrialization led to the high standard of living. The rise in national income raises the living standards of the people.
- Economics Stability:
Economic Stability of a country is one of the basic benefits of industrialization in a country. It helps to maintain and stable the prices of items when there is sufficient quality of the product is not available in a country. Economic stability is very important for the development of a country.
- Increase in Employment Opportunities:
Pakistan is an agricultural country but there is a problem of unemployment. The population growth rate of Pakistan is very high but the GNP is low relatively. Industrialization originates so many employment opportunities for both skilled and unskilled persons.
- Agricultural Development:
For agricultural development industrial sector plays a vital role in this regard. The industrial sectors produce so many machineries like Bulldozers, harvester, threshers, tractors, and Ariel sprays etc and also produce fertilizers, pesticides, and seeds etc. the usage of these ultimately increase the yield of per hectares.
- Extension of Market:
With the increase in industrial sector we can meet the demands within or outside the country which results in extension of the market it will ultimately result in economic development of Pakistan.
- Increase in Social Welfare:
Industrialization is also helpful in social welfare of people and society. Industrial sectors generate employment opportunities which lead to the huge revenue to the government, then the government spends it on the on the construction of dams, bridges, parks etc. Hence,
- Increase in Exports:
The major exports of Pakistan in the industrial sector are Textile, Sports goods, and Leather etc. For economic development industrial sector play a vital role in increasing the production of goods which result in an increase in exports.
- Political Stability
The industrial sector of Pakistan is very helpful in political stability. It is very helpful in seeking out the political and financial crises of a country.
Hence the analysis of role of industrial sector in economic development of Pakistan. You can make a better estimate about the betterment of country’s economy after the industrial sector betterment. We have to make progress in the development of industrial sector. It will increase the economic condition and will bring positive revolution in the improvement of life standard and to abolish the poverty.