Question

What is the Main source of Income in Industry

Answer 1

India is one of the fast-growing economy in the world since last 20 years. There are three major sectors in India that are agriculture, industry and retail.

As a result of many political changes in 1990s, the industrial potential of the economy has increased since 1991, autonomy in production, marketing and distribution, reduce red-tapism , transfer of technology and benefits of reseach and development to the advantage of the economy.

India also mines a large number of gems and common minerals including iron ore, bauxite, and gold along with asbestos, uranium, limestone, and marble. From 2019 to 2020, for example, India mined 729 million tons of coal.

Answer 2

Answer: Main source of income is something that provides a regular supply of money, such as employment, investments, a pension.

Explanation: The main source of income in an industry is Revenue from goods sales or service fees: This is the core operating revenue account for most industries, and it is usually given a specific name, such as sales revenue or service revenue. Interest revenue: This account records the interest earned on investments such as debt securities.

These are the four sources of income

• Earned Income – This is your day job and most people’s primary source of income.

• Business Income – You own a business.

• Interest Income – This is income you make from lending your money out.

• Dividend Income – This is money that’s distributed as a result of owning shares of a company.

Hope this was helpful