What is meant by industrial development?
Industrial development enables environment to tackle inequalities among and within countries either developed or developing, accelerates structural transformation and social mobility, provides new jobs and additional income, and reduces social exclusion (UNIDO, 2015).
What are the factors of industrial development?
ADVERTISEMENTS: Some of the important factors influencing industrial productivity are : (i) Technological Development (ii) Quality of Human Resources (iii) Availability of Finance (iv) Managerial Talent (v) Government Policy (vi) Natural Factors!
What are the strategy of industrial development?
ISLR is the strategy to generate value-added products by highly advanced utilization of local resources. In case of introducing industry, a set of capital and technology that is required for manufacturing a specific product is introduced.
What are current situation of industrial sector in Tanzania?
Tanzania’s industrial sector production reached USD 13.5 billion (33% of GDP) in 2018, compared to USD 9.1 billion in 2014, marking an increase of 48%.
What is industrial development useful for?
Industrial development unleashes dynamic and competitive economic performance which generates income and employment, facilitates international trade and increases resource effi- ciency, and is thus a major driver of poverty alleviation and shared prosperity.
What are the 7 most important factors of industrialization?
Terms in this set (7)
- Natural resources. Become goods, Raw materials.
- Capital. needed to pay for the production of goods, Stable currency.
- Labor supply. Used to make goods, High birth rate.
- Technology. Better ways to make more and better goods, Electricity = more production power.
- Government support.
What are the determinants of industry development?
Domestic determinants include investment, government consumption, population size, human capital, democracy, and natural resource endowments. External determinants include trade openness, capital account liberalization, and exchange rate depreciation.
What are the roles cooperatives towards the development of industrial economy in Tanzania?
Cooperatives are institutions capable of translating government industrial intentions, explicit or implicit, into action. Flexible institutions like cooperatives and responsive governance can correct for structural imbalances, and also eliminate differences between sectors and regions.
What are the main objective of industrial development?
The main objective of any industrial policy is to augment the industrial production and thereby enhance the industrial growth which leads to economic growth by optimum utilization of resources; modernization; balanced industrial development; balanced regional development (by providing concessions for industrial …
What is the main industry in Tanzania?
Tanzania’s industry is based on the processing of its agricultural goods and on import substitution—that is, the manufacture (often from imported materials and parts) of products that were once purchased from abroad. The principal industries are food processing, textiles, brewing, and cigarette production.
What are the advantages and disadvantages of industrial development?
Advantages and Disadvantages of Industrialization
- The growth of industries has resulted in large scale production of goods which are available to the consumer at much cheaper rates.
- There is saving of time and labor.
- Industrialization has resulted in a considerable rise in the standard of living of the people.