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How do resources help a country to grow?

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Energy exists freely in nature, some of which are infinite and are called renewable, and some are called non-renewable. Non-renewable energy is a finite resource and will eventually run out over time. Non-renewable energy is energy that does not regenerate at a rate sufficient for sustainable economic exploitation over a substantial human time frame. Non-renewable energy is energy derived from fossil fuels such as coal, crude oil, natural gas, and uranium. Unlike renewable energy, non-renewable energy requires human intervention to make it suitable for consumption. Fossil fuels are thought to have formed more than 300 million years ago when the earth was very different in its landscape.

There are two forms of natural resources, renewable – such as forests or fish populations – and non-renewable – such as oil and coal. Renewable energy, if managed sustainably, will generate an increase in resources that can be exploited indefinitely in the future. By definition, non-renewable resources can only be depleted, since they do not regenerate in periods of time that are meaningful to humans. Understood in this way as natural capital, the income generated by the depletion of non-renewable resources should be counted as a capital loss rather than income comparable to income from capital flows. In addition to renewable and non-renewable natural resources, natural capital also includes ecosystem services, such as the ability to assimilate waste and produce vital life-support functions, such as water filtration and nutrient cycling. 

Ecosystem services are not generally accounted for in national accounts or at the corporate level. Ecosystem services are essential to sustaining life and economic activity but are difficult to quantify, and as a result, have historically received relatively little attention. Recognizing the loss of ecosystem services, such as the ability of the atmosphere to absorb carbon dioxide without becoming dangerously unstable and threatening to society and the economy, Intensive efforts are currently underway around the world to include the analysis and calculation of ecosystem services. 

Natural Resources in India 

India is one of the countries with the largest coal reserves in the whole world, also falling to 4th place. The states in descending order of quantity of coal reserves in India are Jharkhand, Orissa, and Chhattisgarh. , West Bengal and some other states within these states. 

  • Oil: India is also quite rich in oil, as is its position in the world. India’s largest crude oil reserves are found in Assam, Gujarat, and offshore to the West and East. 
  • Natural gas: In India, the distribution of natural gas is also very high, with the largest reserves of natural gas offshore in the east and west, similar to coal seam methane. Similarly, Assam and Gujarat are two states with significant natural gas reserves in the country.
  • Metallic Minerals: Metallic minerals include iron, copper, aluminum, gold, silver, bauxite, manganese, zinc, and others. The distribution of these metals, as well as their production and supply, is spread across the country, depending on the location of all their belts. Private companies, as well as state-owned ones, have embarked on the production of metallic minerals. 
  • Nuclear resources: The Indian Ministry of Atomic Energy has been studying the development of nuclear power from uranium and thorium resources. Nuclear energy is an extremely important natural resource, as even a small amount of nuclear energy can produce a great deal of power. The development of nuclear energy as a natural resource is one of the very important economic resources of India.

How do resources help a country to grow?

Resources are extremely important for the development of a country. Without resources, a country can never develop. Natural resources and human resources are the most important resources. Natural resources can only be used if there is a healthy and well-educated human resource. For example, Japan is a highly developed country. Japan has no natural resources, but Japan has invested in education and health workers, which have helped the country grow. 

Natural resources have helped many countries make progress. The availability of natural resources is not the only factor in the development of a country. It must also have efficient human resources that can facilitate the use of natural resources for the growth and development of a country. Middle East countries, Russia, China, the USA, India, etc. used their abundant natural resources for the development of the nation. When it has natural resources and technology to develop them, a country can develop industries, create jobs, produce goods, trade with other countries, and raise the living standards and income levels of residents in a country.

A country rich in natural resources means that it is much easier to develop than a country with fewer natural resources. There is a link between natural resources and economic development. To understand the role of natural resources in economic development, we need to understand the meaning of “capital.” Capital refers to the assets that can be used to promote growth and development, including machinery and money. It is the natural resources we can create that help us start or accelerate development. Another undeniable reason for the role of natural resources in economic development is that we often equate development with urbanization and, of course, understand it correctly. When foreign companies such as multinationals see abundant natural resources in countries, they choose to invest in factories and build more jobs in those countries, leading to urbanization in those regions increase. This is how urbanization is defined when new infrastructure is created, and it is also the way commercial cities emerge.

Natural resources are just raw materials that provide the raw materials for production. Technically, without natural resources, nothing can be relied upon. India’s economic sector is primarily based on agriculture and gross domestic product. Coal mines, oil factories, and all other major technology industries are supportive as they are involved in the processing and refining of these natural resources.

Sample Questions:

Question 1: How do resources affect the growth of a country?

Answer:

The availability of natural resources affects the rate of economic growth. Finding more natural resources, such as oil or mineral deposits, boosts an economy by increasing a country’s productive capacity.

Question 2: Write the importance of Resources? 

Answer:

Resources are important to us because we use them to meet our needs. Many minerals like iron, copper, mica, etc.  used in industries to produce different types of goods. Minerals such as coal and petroleum are used to generate electricity.

Question 3: What are some examples of consequences that humans face due to the overuse of natural resources? 

Answer:

Some examples to show the harmful effects of overexploitation of natural resources on the environment and our lives such as: Cutting wood and firewood from the forest is fast but takes a long time to recharge. Loss of trees and vegetation will also result in loss of forest cover, natural temperature and forest establishment. When the number of trees decreases, it will lead to an unstable climate. Soils lose moisture and because natural forests act like a sponge that sucks up what, in case they go bad, natural disasters like floods etc. will happen. 


Last Updated : 19 Jul, 2022
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