Productivity in the industrial sector is an interlinked relationship between the amount of inputs and outputs that are required to produce or manufacture desired products. Productivity in the industrial sector can be measured by measuring or determining the efficacy of the production.
The factors which may influence the productivity of the industrial sector include policies of Government, quality of the resource, technological advancements, capital, natural factors and management.
Industrial sector is a broader sector which is a segment of an economy and is made up of different kinds of businesses that provide help to other businesses in terms of manufacturing, producing, shipping, transporting, exporting the desired products and services. Supply and demand are the two important factors which regulate the growth of the industrial sector.
The Index of industrial production is abbreviated as IIP. It is an index for India which gives details about the growth of various sectors in an economy including mineral mining, electricity and manufacturing industries.
India IIP is a composite indicator which helps to measure the short term changes in the volume of production of industrial products during a given period of time with respect to base period.
IIP is published on a monthly basis keeping a gap of six weeks by the National Statistics Office (NSO).
It is calculated by the average weight of production relatives of all the industrial activities. In the mathematical calculation, Laspeyres fixed base formula is used for calculation.
IIP is considered as an important data as it is released after market hours and is watched by stock market analysts to understand the economic momentum. IIP is also an important indicator for the Reserve Bank of India while framing its monetary policy.
Most economists divide the industrial sector into three types which include primary secondary and tertiary sectors.
The primary sector is a type of industrial sector which is mainly concerned with the extraction and utilization of raw materials or natural resources extracted from the land. Any kind of business that involves growing goods or extracting materials from the land would be considered as a primary sector
Examples of industrial sectors that operate in the primary sector are farming, mining, fishing or production of oil
The secondary sector of the industrial sector is associated with manufacturing of goods or products. The raw materials used in the manufacturing of products are taken from the primary sector and then converted into new products
Examples of sectors that operate in the secondary sector are manufacturing of cars, production of foods, building of companies and manufacturing tools and utensils
The tertiary sector of the industrial sector is connected with providing services to its customers. These services are the activities that are mainly done by people or business men for their consumers
Examples of businesses that operate in the tertiary sector are caterers, hairdressers, banks, supermarkets, and cinemas
Sometimes, the quaternary sector is also included in the tertiary sector as they both provide services to their consumers. Services provided by the quaternary sector include research and development, drug discovery, information and communication technologies.
The FMCG sector stands for Fast-moving consumer goods. The FMCG sector is also known as consumer packaged goods (CPGs). The FMCG sector includes the products which are quickly sold at a very low cost. The FMCG sector has a very good turnover. Many retail shops, supermarkets, warehouses and many more only sold FMCG products.
Examples of FMCG include household goods such as packaged foods, beer & beverages, toiletries, chocolate, candies, cosmetics products, over-the-counter drugs, dry goods, and other consumables in daily lives.
The main characteristics of FMCG sector are as follows:
The FMCG sector in India plays a very important role in developing the economy of the country.
In the Indian economy, the FMCG sector is the 4th largest growing sector. Nearly 50% sales in the FMCG sector includes the sales of households and personal care products. Healthcare products contribute to about 31% sales and 32% sales are contributed by food and beverages products.
FMCG sector products can be classified into several different categories which includes the followings:
Some of the factors that leading the growth of FMCG sector are:
Industrial sector policies are the set of documents which helps in implementing, promoting the roles of the industrial sector. It is an effort made by the government in order to boost up the economic growth of the country and reach its desired heights. The industrial sector of the country is guided and regulated by its industrial policies.
The main objective of industrial sector policy which are set by the government are as follows:
The major benefits of industrial sector include the following:
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