Question

What is industry? Explain its classification with illustrations.

21 Feb 2025
Answer :
Word Count : 1266

Industry refers to the economic activity concerned with the production of goods, extraction of minerals, or provision of services. It is a crucial component of a business organization, influencing economic growth, employment, and overall development. Industries contribute to national income, enhance trade opportunities, and promote technological advancements. They operate through systematic processes that transform raw materials into finished products or offer specialized services to consumers.

### Classification of Industry  
Industries can be classified based on different criteria such as the nature of activities, size, ownership, and capital investment. The major classifications are as follows:

### 1. Primary Industry  
Primary industries are directly involved in utilizing natural resources. These industries extract or harvest raw materials from the earth, which serve as inputs for other industries.

#### (a) Extractive Industry  
This industry extracts resources from nature without any significant modification. The resources obtained are often non-renewable and used by other industries for further processing.  
Examples:  
- Mining industry (coal, iron ore, gold extraction)  
- Fishing industry (commercial fishing for tuna, salmon)  
- Forestry (timber extraction for paper production)  

#### (b) Genetic Industry  
This industry is related to the breeding and reproduction of plants and animals to increase productivity.  
Examples:  
- Agriculture (crop production such as wheat, rice, and cotton)  
- Horticulture (cultivation of fruits and vegetables)  
- Animal husbandry (dairy farming, poultry farming)  

### 2. Secondary Industry  
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