Describe importance of infrastructure to development? Discuss various methods of measuring infrastructure development.

Economic infrastructure is the nerve centre of the economic system. It plays an important role in the development of not only the economy but of the civilization as well. It is a public utility service which gives place and time utility to goods and services. They link production, distribution centres and the end consumers as well. Therefore, infrastructures bring together the elements of the economic system.

To conclude, let us discuss some of the prime importance of infrastructures.

1. They help in the development of the market and all the elements within.
2. It also facilitates large-scale production for the purpose of smooth functioning of the economy.
3. They result in the territorial division of labour which is great.
4. They also ensure price stability in the market.
5. Economic infrastructure definitely ensures the mobility of labour and capital within/from the economy.
6. It results in the overall growth of towns and cities.
7. Infrastructures provide for a lot of employment generation and employment opportunities.
8. They also play a crucial role in national defence activities.
9. Infrastructures in the economy directly result in the unity of various economic components.
10. The economy and the nation will be able to meet any emergencies that arise.
11. It creates a place and time utility.
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