Meaning Of Infrastructure
We cannot deny the fact that infrastructure plays a very important role in the growth as well as the development of our country. Infrastructure can be done in different forms such as railways and road transport systems, airports, power stations, ports and many more. So, if you want to know about it in detail, you are in the right place as here, we are going to tell you everything regarding infrastructure.
History and Etymological Definition of Infrastructure
In the English language, the word, ‘infrastructure’, was first used in 1880. If we analyze it etymologically, we can come to know that the word derives from two Latin roots- ‘infra’ and ‘struere’. The word, ‘infra’ means below whereas ‘struere’ means ‘to build’. In a nutshell, we can say that everything needs foundation and infrastructure is the foundation of the economic structure of a country.
Meaning of Infrastructure Is In Modern Days
Infrastructure is a term that is used to indicate the physical systems of a nation such as communication, electric systems, sewage water, transportation and many more. Well, the term is also used for business. The systems related to infrastructure are the main pillars of economic prosperity as well as the growth of a country. Funds for these systems or projects come from different sectors such as public, private and public-private sectors. In Economics, infrastructure is a kind of production that upholds natural monopolies.
Important Constituents of Infrastructure
The infrastructure consists of various important constituents and some of them are mentioned below:
- Road transport
- Agriculture and Irrigation
Features Of Infrastructure
When we are talking about infrastructure, we cannot ignore the distinctive features that it has. So, some of its features are mentioned below:
- It requires a lumpy as well as large investment for building the systems related to infrastructure.
- Due to lumpy and large investment, infrastructure takes most of the country’s economy.
- Externalities are something that is inextricably related to infrastructure. Yes, the money invested in the infrastructures will create many externalities. For example, concrete roads in rural roads will benefit farmers and overall, it will develop agriculture. They can transfer the goods in towns very conveniently. Moreover, they can get several resources such as pesticides, fertilizers from towns at a very reasonable price. Another example is power plants which are being extensively used for commercial use and it ultimately accelerates economic growth.
Importance of Infrastructure
Infrastructure is important not only for quick economic growth but also for inclusive growth. Inclusive growth is something where everyone can take advantage of infrastructure. As a result, it will diminish poverty and inequality in income.
For example, it is very difficult for small and micro enterprises to compete with large-scale enterprises due to lack of proper infrastructure and therefore, it hampers their productivity. But, if they get access to high-quality infrastructure, many obstacles can be easily terminated. It will be really beneficial for many developing countries.
Well, infrastructure is a valuable asset for any country and therefore, violation of such thing is strictly prohibited. So, this is all about infrastructure and we hope that this article would be helpful for you.