Question

Has industrial policy contributed significantly to countries’ economic growth? Discuss thoroughly by referring to the Japanese experience.

Answer 1

Yes, industrial policy of a nation played an important role in the country's economic growth. Industrial policy is the driver of the growth of a nation. China became the fastest growing nation of the world by having a robust industrial sector. Another country in which industrial policy has played an important role in making it one of the developed nations of the world is Japan. Japan invests heavily in research and development of the industrial sector and thus is one of the most industrialized nations of the world. The major industries in Japan include automobiles, consumer electronics, computers, semi conductors, iron and steel etc.These sectors are the most highly advanced and innovative in the world.They are world leaders in world production and technological advancements. Even though services contribute maximum to the national output of a nation, but manufacturing has played an important role in making the nation a developed nation. Thus, the industrial policy of a nation contributes significantly to country's economci growth.