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Question
What are the various types of industries?
Solution
The following are the different types of industries.
(a) Primary industries: These industries basically undertake activities related to the extraction and processing of natural resources. These industries directly use natural resources as the raw materials and convert them into a consumable form. Agriculture, mining and fishing are some of the activities undertaken by primary industries. Based on the nature of the activities performed, primary industries can be classified into ‘extractive’ or ‘genetic’ industries.
(b) Secondary industries: These industries (also known as manufacturing industries) acquire raw materials (which are the final products of primary industries) and convert them into final goods after further processing and value addition. These industries aim at making raw materials more readily consumable by the final consumer.
(c) Tertiary industries: These industries are regarded as the lifeline of an economy and act as the basic facilitators for the operation of primary and secondary industries. Among the major services provided by the tertiary industries, a few are banking and credit facilities, communication and transportation. These industries are not engaged in hardcore production activities but are basically service providers.
