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Industry refers to the segment of the economy concerned with the production of goods and services. It includes all those activities which are concerned with the extraction, production, processing, or fabrication of goods. It also includes activities that involve the creation of utility by transforming raw materials into finished goods that can satisfy human needs and wants. Industries play a vital role in economic development as they contribute significantly to national income, employment generation, standard of living, and infrastructure development. Industries are generally classified into various types based on different criteria such as the nature of activity, size, ownership, and the type of goods produced. The most common and traditional method of classification is based on the nature of activities performed by the industry. Based on this criterion, industries are broadly classified into three categories: Primary, Secondary, and Tertiary industries. 1. Primary Industry: Primary industries are those industries that are concerned with the extraction and production of natural resources. These industries use natural resources either by extraction from the earth or by reproducing and developing them. Primary industries are further divided into two subcategories: a. Extractive Industries: These industries extract or draw out products from natural sources such as soil, water, air, or beneath the earth’s surface. Examples include mining, fishing, hunting, forestry, and oil extraction. For instance, a coal mining company is an example of an extractive industry. b. Genetic Industries: These industries involve breeding and reproduction of plants and animals for commercial purposes. They use science and technology to improve the genetic characteristics of plants and animals. Examples include agriculture, poultry farming, horticulture, and dairy farming. For instance, a poultry farm that breeds chickens for eggs and meat ______ _____ ___ _____ __________.
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