Industrial development in non developing country

in Utopian3 months ago (edited)

Industry plays a vital role in bringing a country to the pinnacle of success. Industry is basically a group of companies engaged in the production of goods. For example, the garment industry of a country means the aggregate of garment manufacturing companies. Rapid industrial development is essential for the overall economic development of a low-income country. The following steps need to be taken to accelerate the industrial development of a country.

Increase in the rate of formation of capital:

The driving force of capital industry, capital is called the fuel of industry. Therefore, in order to accelerate the industrial development of a country, the rate of capital formation has to be increased. Industrial development of the country is impossible without more capital and investment. The first step in raising capital is to increase people's savings, savings rates and desire to save. In this case the motivation theory of management can be followed. We have to create motivation among the people by fulfilling their basic needs. So that they are saving interest for the development of the country. A country's financial institutions such as industrial banks, commercial banks and insurance companies need to be established.

Creating skilled workers:

Skilled workers are the key to industrial development. Industrial development is unimaginable without skilled workers. Because it is possible to produce more products in less time and accurately through skilled workers. Through which it plays a role in the production of high quality industrial products at low cost. In order to create skilled workers, training in technical and vocational education as well as formal education will be provided in educational institutions. Through this process it is possible to get educated and skilled workers.

Improvement of transport and communication system:

Communication system plays an essential role in reaching the consumer to the products produced in the industry. If the communication system is not good, the trade will be disrupted and the product will not reach the consumer at the right time. If the product does not arrive on time, the consumer will have distrust towards that product. This leaves the possibility of industrial losses. For this, it is necessary to transfer fast, easier and improved transportation system by water, land and air. In addition, the cost of transportation should be kept low.

Creation of Entrepreneur:

Entrepreneur is called the leader of the industry. An entrepreneur is someone who takes the initiative to create a new type of business, a new product or a new service. These entrepreneurs can be the key to the development of underdeveloped countries. Because the more entrepreneurs there are, the more new industries will be formed. Therefore, in order to create entrepreneurs, the government has to provide interest free loans, preserve new industries and take tax exemption on new industries. Through this, people will be inspired to be enterprising from their respective places.

Foreign exchange acquisition and investment:

Foreign currency plays a significant role in keeping a country's industrial and economic driving force active. Therefore, the demand for manufactured goods in foreign markets has to be increased. It is necessary to produce quality products by employing skilled manpower in the industries which are in demand abroad. This will facilitate the creation of markets abroad and increase confidence. In addition, advertisements in various TV and newspapers abroad, participation in international industry fairs, sending business representatives abroad and improving international relations should be done. This will increase the amount of exports abroad. All these foreign currencies will make it easier to build new industries.

Thanks for reading.

Regards,
Awlad Talukder Sumon