Availability of Natural resources
The quantum and quail. real resources vitally affect the conduction gm h of a country. among the natural resources. we generally include the land . area and the quality of the oil for et wealth. good river system minerals and oil resources good and bracing climate. etc. A country’s productive capacity largely depends on the natural resources available. Without a minimum availability of natural resources it is idle to expect any sizable economic growth. But it may he noted that the existence of natural resources is not a sufficient condition of economic growth. For instance India is blessed by natural with good and sufficient resources yet it poor and under-developed. This is due to the fact that the natural resources have not been properly harnessed and fully exploited Hence. availability If nanny AL resources by itself cannot bring about economic development. Ability to utilization is also required
The supply of natural I c Sol can he increased by research and technological progress. Technological progress helps in the discovery of new resources oil resources ill India and pupping to economical use resources which have been lying useless hitherto. Also. the shortage some natural resources can he made good by synthetic materials. For instance. in the advanced countries synthetic rubber is being used more and more in place of natural rubber and nylon is being largely used or natural silk.
The use of natural resources and their contribution to conduction development depends on the type of technology, Tile resource use has a dose connection with the type and level of technology. To know this one need not go far in to history. For instance petroleum chi hi considered so valuable today was not cons’ red important short while ago. Now on a 0 tn of scientific discoveries and technological ed Inn petroleum is regarded very useful. Res’ no radio I’ve substances are considered Al a There is no doubt that there exists lac murkier eloped countries abundant mineral rehi h are not being used owing to the lack of Goldilocks pica progress.