Basic industry

Basic industry,

Definition of Basic industry:

  1. The industrial sector that exports all or almost all of its products. Basic industries generate new income and additional purchasing power in their domestic economy through their foreign exchange earnings. Therefore, any drastic or disproportionate change in the output or output of the core industry will have a huge and profound effect on the proportion of the entire local economy. On the other hand, changes in non-essential or aid sectors will only require adjustments in revenue and expenditure, and the country's economic situation will remain largely the same.

  2. Industries with core economic interests.

Meaning of Basic industry & Basic industry Definition