Subject: Economics
Book: Comprehensive Indian Economy - Additional Topics
Rural industrialization hinges on leveraging local resources (handicrafts, agro-processing), adopting advanced technologies, and plugging into global supply chains. Government supports cluster-based approaches (SFURTI, MSE-CDP) to upgrade product quality, promote common facility centers, and encourage brand building. In exam contexts, highlight how cluster models reduce costs, improve marketing channels, and empower rural entrepreneurs. Ensuring synergy with digital platforms for e-commerce can further expand reach, raising rural incomes and diversifying the local economy.
What is the “law of diminishing marginal utility”?
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