However, the limitation of institutions is for illiterates and not applicable for uncivilized person or regions or areas. Every amendment is necessary in legislation and law and order to promote industrialization as product life cycle changes ever and forever. Institution incurred costly in case of poor communication across countries like where different race and trait of people are available. Institution provides employment opportunity by creating environment of growth and prosperity and by improving standard of living of the people by making them available a variety of high quality of goods through industrialization and globalization. It avoids wasteful expenditure and save fiscal funds along with undermining the ethical values (Gray and Khan 2010).
Industrialization aids in introducing the new product for the welfare of the society against depleting fuel like petroleum product and promotes eco friendly products like wind energy, solar energy, turbine run through dam etc. they helps in stimulate the demand and settle proper balance between demand and supply. Institutions help in time utility, create place utility, facilitates the functions by creating awareness with the help of media and advertisement. Institution helps in saving the heritages of the country .institutions trained the products in the way of fixing the responsibilities and distinguishing between sources and direction. They try to unite the all in the link of one theme i.e. prosperity and growth. They helps in coping with the environment, facilitates globalization, improve public relations, improves the controlling functions and controlling authority, creates good planning and forecasting for the growth , provide the process of motivation and morale by having excellent communication (Chang 2011).
It can be concluded that institutions are part of industries and play vital role in enhancing industrial development and economic development. It can also be summarized that the thesis statement is institutions plays a pivotal role in industrial development and economic development. Institutions aids in improving the employment level and enhancing the productivity by creating different employment opportunities. In addition to this, it also generates income and results in overall development of the economy. Institutions are a part of the economy due to which it is considered as a driver.