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The manufacturing industry is one of the highly required industries for a nation to prosper and develop as it comprises of the companies that make essential consumables.
Some good examples of products that come all the way from manufacturers into our life are smartphones we use for communication, bulbs for lighting our homes, vehicles for transportation, and plenty of other things.
The survival of the manufacturing is tied to our needs for such consumables in our life. Here are the 6 reasons why we think having a manufacturing industry is very important for all nations in the world.
- Import dependency is reduced. The import dependency of a nation can be reduced to a large extent as it goes for the local production. It bring along with a number of benefits and of many benefits money that goes for imports remains in the country, value of local currency increases, and welfare of its citizens is improved.
- Boosts other sectors: The manufacturing industry supports other important sectors as it provides machinery, and equipment required for agriculture activities, services and activities of several other industries.
- Employment increased: As more manufacturing companies are build, more people are adjust for employment and jobs. The unemployment in other words is brought down. People also find employment in other sectors as well.
- Export-oriented: The nations can become potential export-oriented as it could make things for other nations as well. The economic ties between countries is made strong, and instils a good image in the world.
- Public expenditure: can be increased as taxes increase when all the manufacturing and its allied actitities generate reveneue. The life of those who are backward are provided basic amenties to qualify for the next good stages of life. Salaries of employees in government can be increased and thereby efficiency of government activities.