Industry is such a place where the enterpreneur and labour through the machines and tools convert the shape of capital raw material and natural resources in such way that their utility may increase to fulfill the needs of the people to a large extent and may fetch maximum price in the market.
Factors of Industrial Progress
In Pakistan the ratio of industrial progress was 7.6% during the year 2000-2002 which is much lower in the world. Following are the factors of Industrial progress.
(I) Increase National Income
Industrial progress increases the national income.
(II) Raising Living Standard
Raises the living standard of the people.
(III) Economic Stability
Creates economic Stability.
(IV) Balance of Payment
Improved the balance of payments of the country.
(V) Increases Exports
Promotes exports and earns foreign exchange.
(VI) Progress of other Sectors
Promotes the progress of other sectors.
(VII) Employment Opportunities of Employment
Provides opportunities of employment.
Encourages specialization in the country.
(IX) Progress of Agriculture
Help in the progress of agriculture.
(X) Provides New ThingsProvides new thing to the people