ICSE Class 9 Answered

The need for industrial growth in India today is due to the following reasons:

1. Requirement of changing needs of both local and global markets: In the prevailing market condition, the industries must choose a correct product mix to satisfy the preference patterns of both local and global markets.
2. More investment for the upgradation of production technology: In Indian industries, there is a need to produce quality products at a lower average cost, failing which our industries will not be able to improve their competitive strength. 
3. Prospect before the IT main sectors of the Indian economy: In the current scenario, many foreign companies get their business process done by the IT enabled services in India. This is called business process outsourcing. India earned nearly US $ 3.6 billion from the exports of IT enabled services during 2003-04.
4. Scope for the expansion of agro-based industries: According to the provisions of the WTO, the developed countries of the world will have to reduce the agricultural subsidies. Therefore, some agro-based industries such as food processing and fruit processing will get sufficient scope to expand and get into the export market.