THE IMPORTANCE OF THE VARIOUS INDUSTRY IN INDIA

Industry is regarded as the lifeblood of every country s economy. This industry is divided into three categories: micro, small, and large. Large industries require skilled workers with some level of specialization, whereas small and micro industries can accommodate less skilled or unskilled workers, and these companies do not require any special expertise from their employees. This is why these businesses hire individuals from a certain social class in large numbers, since those living in poverty lack formal education and competence. Apart from that, this sector is involved in the manufacture of products that are used on a daily basis in the home and have a market in India as well as abroad, resulting in a healthy flow of money from one hand to the other. This industry contributes substantially to the nation s GDP (Gross Domestic Product) and also accumulates foreign money, strengthening the country s economy. As a result, it is critical to develop and safeguard this sector of the economy.