Final answer:
Governments have taken steps to foster industry in underdeveloped areas through technology acquisition, policy incentives, significant subsidies, infrastructural enhancements, and social investments. These measures aim to utilize local human capital, ensure industry profitability, and build a skilled workforce, facilitating sustainable economic growth.
Step-by-step explanation:
To support industries in setting up in rural, backward, and hilly areas, governments have taken several measures, which are instrumental in fostering economic development and employment in these regions. Efforts have been concentrated on the utilization of abundant and inexpensive human capital, infrastructural development, and policy incentives to mitigate the challenges that these areas face.
Addressing the technological gap, governments have sent students and commissions to study the most efficient industrial operations globally. By acquiring and implementing applicable technology, industries are equipped to remain competitive while contributing positively to the local economy. Moreover, governments have created tailored policies that offer financial incentives and support to innovative companies willing to establish production facilities in these areas.
The provision of significant subsidies, especially in sectors such as agriculture and energy, highlights another crucial aspect of governmental assistance. These subsidies, which are often concentrated in rural areas, help to cover risks related to weather and exploration uncertainties, ensuring the profitability and sustainability of these essential industries. Similarly, measures like the “Green Sprouts” program were introduced to support the agricultural sector by providing low-interest loans to farmers for seeds, thereby preventing a cycle of debt and land loss among small-scale farmers.
Infrastructure development like road, bridge, and port enhancements, reliable energy supply, and telecommunication facilities are equally important to attract and retain industries. Furthermore, investment in education, healthcare, and microcredit initiatives play a critical role in nurturing a skilled and healthy workforce while promoting entrepreneurship and small businesses. These comprehensive strategies are indicative of holistic government planning to stimulate industrial growth in less developed areas.