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What is industry, innovation and infrastructure?

It is building a resilient infrastructure to promote inclusive and sustainable industrialization and foster innovation. A functioning and resilient infrastructure is the foundation of every successful community. To meet future challenges, our industries and infrastructure must be upgraded. Industries in developing countries often lack the necessary infrastructural and innovative opportunities to achieve sustainable economic growth. Resilient and quality infrastructural systems will catalyze rapid economic development and increase the standard of living of a country's population.

What is an Industry?

For example, while an automobile manufacturer might have a financing division that contributes 10% to the firm's overall revenues, the company would be classified in the automaker industry by most classification systems. Individual companies are generally classified into an industry based on their largest sources of revenue.

there are different typesof Industries:

  1. Agriculture; plantations; other rural sectors.
  2. Basic Metal Production.
  3. Chemical industries.
  4. Commerce.
  5. Construction.
  6. Education.
  7. Financial services; professional services.
  8. Food; drink; tobacco.

What is Innovation?

Innovation is about helping organizations grow. Growth is often measured in terms of turnover and profit, but can also occur in knowledge, in human experience, in efficiency and quality. Innovation is the process of making changes to something established by introducing something new. As such, it can be radical or incremental, and it can be applied to products, processes, or services and in any organization. It can happen at all levels in an organization; from management teams to departments and even down to the employees. Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new values. The creation of value is a defining characteristic of innovation.

What is Infrastructure

Infrastructure is the set of fundamental facilities and systems that support the sustainable functionality of households and firms; serving a country, city, or other area, including the services and facilities necessary for its economy to function. Examples of infrastructure include transportation systems, communication networks, sewage, water, and electric systems.

We need infrastructural facilities for the production of goods and services; for basic social services such as schools and hospitals; for road construction and the distribution of finished products to markets, for example, roads enable the transport of raw materials to a factory. Infrastructure is crucially important to foster countries' economic development and prosperity. Investments in infrastructure contributes to higher productivity and growth, facilitates trade and connectivity and promotes economic inclusion. Global infrastructure demand is high.

The Haddock described the potential impacts of poor infrastructure on households: fewer jobs; lower incomes due to a restructuring of the economy to lower-paying jobs to address problems caused by poor infrastructure; and more income diverted to transportation, electricity, and water/wastewater costs. The economy needs reliable infrastructure to connect supply chains and efficiently move goods and services across borders. Infrastructure connects households across metropolitan areas to higher quality opportunities for employment, healthcare and education. Clean energy and public transit can reduce greenhouse gases.