POOR INDUSTRIALIZATION MEANS POOR ECONOMY AND POOR ECONOMY MEANS POOR STATE

1) Introduction
2) What is meant by industrialization?
3) Why industrial development is necessary?

It is necessary to:
i. Increase employment rates
ii. Promote trade activities
iii. Support agriculture
iv. Strengthen state’s economy
v. Eradicate poverty
vi. Make defences strong

4) Is it true that poor industrialization means poor economy and poor economy means poor state?

Yes, it is true.

5) Factors proving that poor industrialization means poor economy

When industry is poor there is:
i. Low foreign investment
ii. Trade imbalance
iii. Increase in unemployment
iv. Rise in poverty
v. Increase in new debts
vi. Late payment of old debts
vii. Decrease in exports
viii. Higher import bills
ix. Less infrastructure development
x. Increased cost of production

6) Factors which weaken industrialization

i. Questionable industrial policies
ii. Insignificant role of mineral resources
iii. Lack of infrastructure
iv. Inflationary pressures
v. Devaluation of currency
vi. Lack of industrial research
vii. Energy crisis
viii. Failure in exploring new markets

7) Recommendations for strengthening economy by strengthening industrial sector

i. More funds for industrial research
ii. Provision of cheap credit
iii. Ending energy crisis
iv. Simplification of procedure of industry setting
v. Provision of infrastructure facilities
vi. Promotion of public-private partnership culture
vii. Elimination of corruption
viii. Promotion of technical knowledge

8) Conclusion