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Manufacturing is the production of goods in large quantities after processing raw materials into more valuable products. Industries that manufacture finished products from primary materials are called Industries. Industries help in modernising agriculture, which forms the backbone of our economy. Manufacturing industries also reduce the heavy dependence on agricultural income because of the creation of new jobs in secondary and tertiary sectors. Industrial development helps in the eradication of unemployment and poverty. The export of manufactured goods expands trade and commerce, which helps to bring in much-needed foreign exchange. A country with a high level of manufacturing activities becomes prosperous. The share of the manufacturing sector in the GDP (Gross Domestic Product) has stagnated at 17% over the last two decades. The total contribution of industry to the GDP is 27%, out of which 10% comes from mining, quarrying, electricity and gas. The growth of the manufacturing sector had been 7% in the last decade. Since 2003, the growth rate has been 9 to 10% per annum. The desired growth rate over the next decade is 12%. The National Competitiveness Council (NMCC) has been set up with the objectives of improving productivity through proper policy interventions by the government and renewed efforts by the industry.

Is it true that industries that manufacture finished products from primary material are called manufacturing industries?