Economic deindustrialisation of India
Hi! Have you ever seen your grandma knit a sweater? She would use needles and yarn to make a warm and cozy sweater. Just like that, many years ago, India used to make a lot of different things like clothes, toys, tools, and machines. This was called the industrial revolution because it made things faster and cheaper.
But over time, things changed. Many factories in India were not able to compete with other countries that could make things at a lower cost. This made it hard for the factories in India to sell their products and make a profit, so they closed down.
This is what we call economic deindustrialization. It is when a country loses its ability to produce goods or products, and many people lose their jobs.
So nowadays, instead of making a lot of things, India has shifted its focus to providing services like information technology and business. This has led to the growth of industries like tech support and outsourcing.
While India may have lost some of its manufacturing jobs, it is still an important player in the global economy. And who knows, maybe one day it will be able to make things again like your grandma's sweater!
But over time, things changed. Many factories in India were not able to compete with other countries that could make things at a lower cost. This made it hard for the factories in India to sell their products and make a profit, so they closed down.
This is what we call economic deindustrialization. It is when a country loses its ability to produce goods or products, and many people lose their jobs.
So nowadays, instead of making a lot of things, India has shifted its focus to providing services like information technology and business. This has led to the growth of industries like tech support and outsourcing.
While India may have lost some of its manufacturing jobs, it is still an important player in the global economy. And who knows, maybe one day it will be able to make things again like your grandma's sweater!