This statement is FALSE.
Reasons:
‐ Industry refers to all such business activities that involve production and manufacturing of goods and services.
‐ It processes raw materials or semi‐finished goods into finished goods.
‐ These goods can be either consumer goods which are directly used by the ultimate consumers or they might be capital goods which are used by another industry for further production.
‐ Commerce deals with the distribution of these goods and services produced by the Industry. All goods and services produced are to be made available to those who need them i.e. consumers.
‐ Thus, Industry produces goods first and later the function of commerce helps in selling the produced goods.
Thus, commercial activities are undertaken only after Industry finishes its role.
