Question

"India's prosperity lies in expanding and diversifying its manufacturing industries." Justify the statement.

Answer 1

The following points justify the importance of expanding and diversifying manufacturing industries to make India prosper:

1. Job Creation and Employment Opportunities: A thriving manufacturing sector employs a large skilled and unskilled workforce, leading to lower unemployment rates and increased economic stability.
2. Export-Led Growth and Foreign Exchange Earnings: A strong manufacturing base allows India to produce goods for export, contributing to foreign exchange earnings.
3. Technology Transfer and Innovation: In addition to increasing the effectiveness and productivity of manufacturing processes, technology transfer and innovation also improve national technological development by promoting an innovative and research-orientated culture.