In its purest terms, industry is the production of items from raw materials. However, that definition has changed over the generations with industry covering a much wider range of activities.
A growing industrial sector is crucial to greater economic development and takes in a number of areas as a country develops. A good example to demonstrate this is in Scotland, where traditional industries such as shipbuilding and coal-mining have virtually disappeared to be replaced by 'softer' industries such as financial services and tourism.
Ensuring steady industrial growth helps to compliment and sustain continued economic development. If industry is growing at too fast a rate it can become unsustainable, which can create recession. Recession is defined as negative economic growth over a period of time.
A well developed industrial sector, covering various different areas is vital to the economic development of a country. With a variety of different industrial sectors that feed off each other, a well balanced industrial sector is at the centre of economic development.
With a strong industrial base, economic planning becomes less risky, being able to plan ahead also assists industrial growth with profits re-invested into infrastructure development which in turn helps to boost and attract industry. Without a vibrant, strong industrial base economic development is much more risky and can be effected by external factors that are difficult to control.
Providing encouragement and support to industry is essential if it is to grow and develop, supporting start-up industries and encouraging diversity all contribute towards a positive economic climate.
Any economic development plan must have industry at the core. By encouraging and providing for industry, an economy will grow in tandem which in turn encourages further industrial development.