What is the significance of the 'else' statement?

The significance of the 'else' statement lies in its role as a conditional control structure within programming. When an 'if' condition evaluates to false, the 'else' statement allows for the execution of an alternative block of code. This is crucial for managing different execution paths based on varying conditions, thereby enhancing the logic and flow of a program.

For example, consider a situation where you want to check whether a user is eligible for a discount. If the user's spent amount meets the criteria (the 'if' condition), the program executes the discount code. However, if the amount does not meet the criteria (the condition is false), the 'else' statement is triggered, and the program can execute a different block of code, such as informing the user that they do not qualify for the discount. This mechanism helps in making decisions and processing outcomes based on specific requirements in a program.