Manufacturing Sector:
Production of goods in large quantities after processing from raw materials to more valuable products is called manufacturing.
It is considered as the backbone of development because:
(i) It not only helps in modernising agriculture but also forms the backbone of our economy.
(ii) Industrial development is a precondition for the eradication of unemployment and *** from our country.
(iii) Export of manufactured goods expands trade and commerce.
(iv) Countries that transform their raw materials into a wide variety of finished goods of higher value are prosperous.
Four types of manufacturing sector on the basis of ownership are:
(i) Public sector owned by Govt. agencies. For example. BHEL, SAIL, etc.
(ii) Private sector owned by individuals or a group of individuals. For example. TISCO, Bajaj Auto Ltd., Dabur Industries, etc.
(iii) ***** sector jointly owned by the state and individuals. For example. Oil India Ltd, etc.
(iv) Cooperative sector is owned by and operated by the producers or suppliers of raw materials, workers or both. For example. Anand, Mother Dairy, OMFED, sugar industry and coir industry, etc.
