enfrdeitplptes

There are several benefits which an industry derives from becoming localised in a certain place.

These advantages may be summarized as follows:

Labour gets trained. Dexterity and skill are handed down from one generation of labourers to the next. A large body of trained labour is built up.
A large market for a certain type of labour is developed in the locality. Labour of this type can migrate to that locality with almost a sure guarantee of employment. Employers in search of labour of this type can also find it there.
Financial facilities grow up. Banks are started there. The industry enjoys the benefit of cheap credit facilities.
Suitable means of communication and transport get developed. This is a great advantage to the localised industry.
There is a stimulus for the starting of subsidiary or supplementary industries, thus providing a wider range of employment for labour and capital. The by-products are put to economical uses.
The reputation of a locality for particular goods widens the market. Orders flow in from distant places. The market is thus assured. The industry can have a steady growth.
Technical journals come to be published. Training and research institutes are established from which the industrialists benefit a great deal.
It brings prosperity to the locality. It provides employment and adds to the income of the people.
Collective action is rendered possible. The industrialists organise themselves in associations to safeguard their common interests, and so do the labourers.
Several improvements are made in the industry, because there is opportunity for exchange of ideas. There is healthy rivalry. All this is beneficial for the industry.


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