Issues and Challenges of Large-Scale Industries: A Study Contributing to Industry Resilience

Abstract

Purpose: This chapter aims to enlighten the stakeholders on the role and contribution and the issues and challenges of large-scale industries in the wake of the globally unified economies.

Need for the study: Large-scale industries are one of the pillars of any nation and can exercise an immense impact on the numerous facets of the economy of any country. Their role and contribution can benefit all the stakeholders, especially in today’s integrated and interdependent world economies. Hence, there is an absolute need to highlight the issues and challenges and suggest measures to overcome them to promote a resilient global economy.

Methodology: The study gathered data from secondary sources like textbooks, articles, and the internet.

Findings: The findings of the study state that large-scale industries are enormous contributors to employment creation, development of the economy, growth of revenue, research and development (R&D) and innovation, export promotion, and infrastructure. The significant challenges include regulatory compliance, workforce management, economic volatility, political instability, supply chain management, environmental compliance, and technology and infrastructure.

Protectionism, deregulation, public–private partnership, privatisation, and environmental regulation are significant government decisions that affect large-scale industries. The study identifies tax incentives, easy access to financing, and domestic and international trade policies to safeguard large-scale industries’ interests.

Practical implications: Large-scale industries contribute towards the growth of global economic resilience in terms of employment generation, technological advancements, and innovation, fostering international trade in today’s interconnected world.

Citation

Manchem, S., Gottumukkala, M. and Sundari, K.N. (2024), "Issues and Challenges of Large-Scale Industries: A Study Contributing to Industry Resilience", Kumar, N., Sood, K., Özen, E. and Grima, S. (Ed.) The Framework for Resilient Industry: A Holistic Approach for Developing Economies (Emerald Studies in Finance, Insurance, and Risk Management), Emerald Publishing Limited, Leeds, pp. 251-266. https://doi.org/10.1108/978-1-83753-734-120241018