3 Reasons why manufacturing is the most important sector
Manufacturing is an important sector when it comes to economy of the country. It plays a significant role in building and growing economies. Let’s find out about 3 important reasons which makes it a pivotal sector driving economic growth across nations.
1. Job creation
Investment in manufacturing projects and establishment can lead to creation of numerous jobs as well as help in production of goods. Despite automation and robotics gaining traction and increased deployment in manufacturing units, requirement of skilled labour is as important as ever. Countries facing unemployment issue have started expanding their manufacturing sector by inviting foreign companies and pulling foreign investment to set up manufacturing companies as they do not only help individuals get jobs in the manufacturing sector but also in the marketing, selling and distributing sectors.
2. Increased value to the economy
It is important to note that the main growth driver of the economy is the technological advancements of the manufacturing machinery. The economic growth can be attributed to the use of modern technology in the machinery industry. Most manufacturing machines are used to make new gadgets which also end up being used to make other machines. More revenue can be generated for the country by selling manufactured machines to other countries.
3. Makes countries self-reliant
The pandemic-induced disruption in the supply chain exposed existing weaknesses in the manufacturing ecosystem. With the shortage of raw materials, many manufacturing companies faced set back. Investment in more manufacturing companies can prevent any future disruptions, dependency on other nations as well as support growth of other sectors. A country can step-up its manufacturing potential to become self-reliant and pave way for economic growth and development.