Nations around the globe have sectors such as agriculture, industry and service sector. Of these three, the industrial sector has a special importance in any economy. Apart from petroleum exporting country Saudi Arabia, all developed nations are industrial economies. For example, USA, Britain and Japan.

Economies with agriculture as the main occupation can also be developed. For example, Australia and New Zealand. However, the number of developed agricultural economies is very less in number, whereas that of developed ones is more. Therefore, majority of world economies have started believing that to attain faster economic development, the industrial sector has to develop first.