In the words of S.R Davar, µ Industry is a branchof commerce concerned with the production of wealth.µ
Meaning: Industry refers to that part of businessactivity which is concerned with raising (purchasing),production, processing or fabricating of products.
Industry generally deals with production of goodsand services in exchange of reasonable profit.Features:Features:
Industries are concerned with the aim of raising huge amount of capital as it is concerned with large scale production of differentproducts.
It involves keen competition with other industries.
Most of the industries try to create monopoly initially withselling their products.
Different industries adopt different types of marketing andfinancial strategies dealing with goods and services
Various modern technologies are used in the production of goods at different levels.
Profit motive is an important feature of industry.
Industries involve an important element of risk.
Industry is an economic activity,leading to the creation of utility.
Industries can be broadly classified into two broadcategories.
1.Primary industries.2.Secondary industries