INDUSTRY

Industry has been defined as follows:

i. It is any systematic economic activity.

ii. Industry is any branch of manufacture and trade.

iii. An industry is a commercial undertaking that provides services as catering, hotel, tourist, entertainment etc.

Industry has also been defined as all those business and economic activities which result in the creation of goods and services.

Industry can be described in two ways:

1. By Manufacturing:

Through industrial activity raw material are converted into a new shape which is different  from its previous characteristics and becomes more useful. For example, cotton is converted in to yarn, and yarn converted into cash.

2. By Group:

Industry may refer to any branch of productive, manufacturing enterprises collectively. Textile is the group of several textile mills.

Kinds Of Industries:

Industry may be classified as follows:

I. By Size: 

    Industries may be heavy or light.

i. Heavy Industries

They are ones which are basic and produce heavy goods and machinery which in return develop light industries. Example are steel, shipping and coal mining industries. In short, Heavy industries produce industrial goods.

ii. Light Industries

        These industries produce light goods which are mostly consumer goods. Electronic, glassware, paper etc. are light industries.

II.By Production Process:

                            By production process the industry may be divided as follows:

1. Extracting Industry.

2. Analytical Industry

3. Synthetic Industry

4. Fabricating Industry

1. Extracting Industry

It refers to mining by which coal, gold, diamonds are extracted from under the ground. The industry includes drilling process through which oil and petroleum products are extracted. Taking things out of the sea is also a part of extracting industry. Fishing, mining, quarrying, forestry, farming all fall under the extracting industry.

2. Analytical Industry

Under this process a product is broken down into its parts. By the anatomy of oil we produce diesel, different qualities of petrol, kerosene etc. Distilling, oil refining, meat packing and lumber milling come under this industry.

3. Synthetic Industry 

Here two or more elements or parts are combined to produce a new product. Examples are iron, glass, yarn, crockery, glass fiber are the result of synthetic processes. Assembling plant is a type of this industry.

4. Fabricating Industry 

It is the industry when cutting, weaving, treating, pressing, finishing or dyeing process is also referred to as a manufacturing industry.