Critical Review of Industrial Development in the World

The study was carried out since 6th June, 2020. The major objective of the study was to critical review the industrial development in the world. Secondary data was used and total 12 articles were downloaded from the net and studied in depth and draw the result. The result indicates that industry development is compulsory for the country development in the world. Industries provide daily consumption and capital goods to the nation. Sometime they imported the capital goods from other countries of the world, so industrial development is required for uplifting the economic development of the world. In the world who have more industries they are all on the top in the world. There the per capita income is higher than those countries of the world where the industrial development is weak, So industrial development is the back bone of the economy of the countries of the world. The study concluded that industrial development is necessary for the development of a country and without industrial development the country development is impossible. Therefore all world countries try to develop their industrial zone. It generates employment and increase the export of the country and improve the GDP of the country and push the economic growth of a country. All developed countries of the world were developed through industries. They all produce the capital goods and the price of the capital goods is higher than the consumer goods. Pakistan when came into being on 14th, August,1947, the industry was very weak but slowly gradually it developed the industry. Similar condition was also in China. In the beginning the industry was weak while latter on they focused on industrial development, so they now compete with America and other European countries of the world. Russia is also on the top in the world. They have developed their large scale industries as well as small scale industries in the country. They also compete very well in the world. Now a day the world mostly focuses on manufacturing industries. They do the research for new innovation. The governments of all countries of the world also spend on their advance research for new goods initiation. Some countries in the world were very behind but now they are on the top and they come in the developed countries list. For industrial development the main thing is the electricity and raw material. In some countries of the world they have developed the industries in the urban area while the raw material is in the rural area. The people mostly migrate from the rural area for the purpose of jobs to city. Similarly the pressure of population day by day increasing in the cities, which create other problems to city dweller. Majority country of the world industries affected by terrorism and lack of peace but on the other side industry create problem of pollution for the world community which is the big issue of the world. On the basis of problems the study recommend that to improve electricity through new dame establishment; Peace should be provided to industrialist in the countries; Tax should be exempted on imported inputs into the country; Export tax should be exempted in the country; Skill institution should be developed in the world; Advance research should be developed for new goods in the world; Administrative skill should be developed in the world; Coordination among the building department should be developed for further improvement in the world; Good assemblies set up should be selected by population for industrial development in the world; All assemblies member should be PH.D level in the countries of the world; Help the poor people of the world because it play great role in industrial goods demand increasing of the world; Always provide scholarship to talented student of the world for future development in the world. Education play great role in industrial development, so education expenses should exempted in educational institution in the world because whose countries education is high, there the speed of all development is higher than those where the education is low.