Role and Importance of Electricity in Development of any Economy

Through an experiment conducted at one of the world’s leading research institute, the role and importance of electricity in the development of any economy was determined. In this experiment, the entity such as capital, energy, manpower or human resource, and technology was treated as separate input by using ultra-modern neo-classical aggregate production model.

Capital, technology and manpower can be effective in different manufacturing sectors if the production of required products is carried out in a standardized manner. For running any machinery, one of the most important things is electricity. Without electricity, it is very difficult to ensure continuous operation of any manufacturing industry.

The important of each the input was analyzed and precise relationship between the electricity consumption and long-run of any business or industrial sectors are determined. It was reported during the experiment that the unidirectional directly proportional relationship between the electricity and the growth of any particular industrial sector was determined in the short run.

The results state that in the short run the electricity consumption represents the growth of any sectors but in the long run, it was determined to follow the bidirectional relationship between the electricity consumption and growth of any industrial sector.

Basically, the electricity is generated from coal and petroleum, which is nonrenewable and it is will end one day. So, it is necessary to invest more on renewable source of energy for the purpose of systematic development of any industrial sectors. Due to the development of industrial sector, the production and employment will growth rapidly in the organized and standardized manner.

The growth of industrial sector plays an important role in the development of any economy. Due to the growth of industrial development, the growth of transportation and communication take place. It was also reported that the growth of any industrial sector results in alleviation of poverty and unemployment.  The growth of the industrial sector is directly related to the growth of any economy.

The center of all the research is south Delhi and Gurgaon region. Let us discuss the role of electricity and industrial development in the economy of Gurgaon region. Due to the excellent infrastructural facility, Gurgaon is considered to be the hub of manufacturing, service industry, agriculture, and dairy farming.

 A loss of electricity or power even for few hours can cause loss of huge some of the money to the industrialists in south Delhi and Gurgaon. The industrialists or factor owner renders Generator on Hire in South Delhi for handling power crisis in an organized manner. The Generator on Rent in Gurgaon rendered by leading services are known for excellent & consistent performance with better energy efficiency and enhanced serving life.