Concept and Importance of Manufacturing Industries

Manufacturing industry refers to the industry which involves processing and changing the materials in order to make new products of greater value to man. Manufacturing industries are also referred to as secondary industries.

Significance and importance of manufacturing industry

1. It provides employment
2. Diversification of the economy; Industries reduce the reliance on one type of product
3. Earning of foreign currency example Germany earns foreign currency because of exporting the manufactured products
4. It leads to self-sufficiency. The country reduces its reliance on imported goods hence its economy becomes stable
5. Development of transport and communication like roads railway lines, ports etc
6. It encourages improvement of social services
7. It reduces expenses on imports