Q.What is meant by Industry ? Explain various types of Industries.

Industry is the part of business engaged in the production, extraction and processing of goods. It is classified into primary industries (genetic and extractive), secondary industries (manufacturing — analytical, synthetical, processing and assembling — and construction) and tertiary/service industries that support production and distribution.

Meaning of Industry

Industry refers to those economic activities that are concerned with the extraction, production, conversion, processing or fabrication of products. The products may be consumer goods (used by final consumers) or producer/capital goods (used for further production). Industry forms the production side of business and supplies goods to commerce for distribution — a core idea in the AP Intermediate 1st-year Commerce syllabus, which parallels the NCERT/CBSE commerce curriculum.

Types of Industries

1. Primary Industries

Concerned with producing or extracting things from nature.

• Genetic (Reproductive) industries — rearing and breeding of living organisms: plant nurseries, cattle breeding, poultry, fish hatcheries.
• Extractive industries — extract wealth from soil, water, air or beneath the earth: mining, farming, fishing, hunting, lumbering.

2. Secondary Industries

Use the materials supplied by primary industries to produce goods.

• Manufacturing industries — convert raw materials into finished goods. Sub-types:
  • Analytical — a basic material is analysed/separated into several products (e.g. refining crude oil).
  • Synthetical — several materials are combined to form a new product (e.g. cement, soap).
  • Processing — a material passes through successive stages (e.g. sugar, paper, cloth). …