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Economic Development Of Pakistan
BCom Part II (Old Registration)
Solved Past Paper 2024
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SOLUTION
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Answer 5b) Significant Of Industrial Sector:
To promote the development of industries, the following measures can be adopted:
1. Infrastructural Development:
Improving infrastructure such as transportation, electricity, water supply, and communication networks is crucial for the growth of industries.
2. Access to Finance:
Providing easy access to finance and credit facilities for entrepreneurs and businesses can help promote investment in industries.
3. Skill Development:
Investing in skill development programs to enhance the capacity and productivity of the workforce in the industrial sector.
4. Encouraging Innovation and Research:
Supporting research and innovation in industries to drive technological advancements and enhance competitiveness.
5. Streamlining Regulatory Framework:
Simplifying and streamlining regulatory processes and reducing bureaucratic hurdles can make it easier for businesses to start and operate in the industrial sector.
6. Promote Foreign Direct Investment:
Attracting foreign direct investment can bring in technology, expertise, and capital that can help boost industrial growth.
7. Sustainable Practices:
Promoting sustainable practices and environmentally friendly technologies can help industries reduce their carbon footprint and contribute to sustainable development.
By implementing these measures effectively, countries can create a conducive environment for the growth and development of industries, ultimately leading to economic prosperity and job creation.
Improving infrastructure such as transportation, electricity, water supply, and communication networks is crucial for the growth of industries.
2. Access to Finance:
Providing easy access to finance and credit facilities for entrepreneurs and businesses can help promote investment in industries.
3. Skill Development:
Investing in skill development programs to enhance the capacity and productivity of the workforce in the industrial sector.
4. Encouraging Innovation and Research:
Supporting research and innovation in industries to drive technological advancements and enhance competitiveness.
5. Streamlining Regulatory Framework:
Simplifying and streamlining regulatory processes and reducing bureaucratic hurdles can make it easier for businesses to start and operate in the industrial sector.
6. Promote Foreign Direct Investment:
Attracting foreign direct investment can bring in technology, expertise, and capital that can help boost industrial growth.
7. Sustainable Practices:
Promoting sustainable practices and environmentally friendly technologies can help industries reduce their carbon footprint and contribute to sustainable development.
By implementing these measures effectively, countries can create a conducive environment for the growth and development of industries, ultimately leading to economic prosperity and job creation.