Industrialization is a key to the economic development of a country. This is true for an underdeveloped economy like India, where industrialization paves the way for the absorption of surplus labor and also ensures the availability of mass consumption goods for a vast population. The process of industrialization contributes to exploiting and transforming raw resources into useful consumer products and efficient means and tools of production, as well as to the development of infrastructure. The industrial sector has a relatively high marginal propensity to save and invest and contributes significantly to the achievement of a self-sustaining economy with continued high levels of investment, increasing levels of income and employment (State Industrial Profile of Jammu and Kashmir 2016). Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get an Original EssayThe transition from a primarily agrarian economy to one based primarily on manufacturing and industry. Industrialization is generally considered a sign of a growing economy and is associated with income growth, urbanization and improvements in the health, lifespan and standard of living of the population . Industrialization is considered important for the dynamics and competitiveness of every economy. Its specific specificity gives the sector its importance as an “engine of growth” (Paskal). Industrialization has played a key role in economic growth and living standards for over three centuries and even continually plays a crucial role in developing countries. Even India is continuously striving to develop its manufacturing sector to raise living standards and also to increase the share of manufacturing in its economy from 16 percent to 25 percent by 2022 (James Manyika et al. 2012 ). Virtually every country that has experienced rapid growth has improved productivity and living standards over the past 200 years through industrialization. Countries that industrialized successfully – turned to the production of manufactured goods by taking advantage of economies of scale – were those that grew rich, whether Britain in the 18th century or Korea and Japan of the 20th century. Yet despite the obvious gains from industrialization and the success of many countries along this path, many other countries remain unindustrialized and poor. What allows some countries to industrialize, but not others? And can government intervention speed up the process? Among the many causes of lack of growth in underdeveloped countries, a particularly important and frequently cited constraint to industrialization is the small size of the domestic market. Domestic markets are small and global trade is not free and costless, businesses may not be able to generate enough sales to make the adoption of increasing efficiency technologies profitable, and therefore industrialization is at a premium. neutral (Kevin 1989). Adam Szirmai (2009) explained why industrialization is considered the engine of growth. There are strong empirical and theoretical arguments for industrialization as the primary driver of economic development growth. The arguments can be summarized as follows: Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Custom Essay There is an empirical correlation between the degree of industrialization and the..