Basic Industry is a term used to describe the companies and sectors of the economy that produce goods and services from raw materials. These industries are primarily found in developing countries, but they also exist in industrialized nations. The importance of these industries is often overlooked because they provide jobs to those who have little or no skills, but their importance is undeniable for any society's economic development.
Primary Industries is an integral part of our economy because it provides jobs for people with few skills. These industries account for only about 13% of total employment in Canada, but they represent over 35% of all manufacturing output (Statistics Canada). The contribution made by this sector cannot be understated given its relatively small size when compared to other industry sectors (Thrift). The Canadian economy is small, which is why this sector needs to prosper.
The most common rebuttal is dirty, dangerous jobs working in mines or petroleum production facilities. This is not true. Your chances of getting killed on the job are higher in some office jobs than working in a mine (CBC). The reason is because of the dangerous equipment and chemicals is that these industries tend to be more difficult, but they also provide more opportunities for training and advancement.
Is basic industries a good career path?
Primary industries create employment opportunities for people with low levels of education and training, many of whom live in rural areas where there may be few other job prospects available. A lack of skilled workers can lead to firms operating within this sector meeting demand, resulting in higher prices for consumers.
The government has been providing subsidies to this sector for years, but basic industries are still not considered an attractive career choice by many people. This is mainly because employees are not typically required to have a high level of education; their work is hard and is often dangerous.
The Economic Survey 2014-15 says that the government is working on some initiatives to push growth in the basic industries sector. For instance, it is considering subsidies for certain labor-intensive industry groups. Apart from this, the government is also trying to set up training institutes capable of producing skilled workers.
The is basic industries a good career path is often overlooked because they provide jobs to those who have little or no skills, but their importance is undeniable for any society's economic development. The basic industry is an integral part of developing countries' economy and exists in industrialized nations. They are responsible for producing goods from raw materials. The demand for these industries will only increase as more people flock to cities looking for work, so it is worth considering if you want a stable job with opportunity for growth over time!