What is Industry?

Industry encompasses a transformation process in which inputs are converted in outputs. Industry may be defined as any activity that creates utility. According to  Bangladesh labor law,-2006 Industry means any business, trade, service employment or occupation. In broad sense, industry is characterized by the existence  of the following,

                                   1. Employer and employee.
                                   2. Works on the basis of wages.
                                   3. Products or service to be produced.
                                   4. Buying and selling of labor power.
                                   5. Creation of utiliity.