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Question
‘Manufacturing Industry’
Manufacturing literally means ‘to make by hand’. However, now it includes goods ’made by machines’. It is essentially a process that involves transforming raw materials into finished goods of higher value for sale in local or distant markets. Conceptually, an industry is a geographically located manufacturing unit maintaining books of accounts and records under a management system. As the term industry is comprehensive, it is also used as synonymous with ‘manufacturing’. When one uses terms like ‘steel industry’ and ‘chemical industry’, one thinks of factories and processes. But there are many secondary activities which are not carried on in factories such as what is now called the ‘entertainment industry and ‘Tourism industry’, etc. So for clarity, the longer expression ‘manufacturing industry’ is used.
- “Manufacturing involves value addition.” Explain with any one suitable example.
Solution
It is essentially a process which involves transforming raw materials into finished goods of higher value. Example; Raw cotton is transformed to more valuable threads and then threads are further transformed into more valuable fabric.
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‘Manufacturing Industry’
Manufacturing literally means ‘to make by hand’. However, now it includes goods ’made by machines’. It is essentially a process that involves transforming raw materials into finished goods of higher value for sale in local or distant markets. Conceptually, an industry is a geographically located manufacturing unit maintaining books of accounts and records under a management system. As the term industry is comprehensive, it is also used as synonymous with ‘manufacturing’. When one uses terms like ‘steel industry’ and ‘chemical industry’, one thinks of factories and processes. But there are many secondary activities which are not carried on in factories such as what is now called the ‘entertainment industry and ‘Tourism industry’, etc. So for clarity, the longer expression ‘manufacturing industry’ is used.
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