Reviewing India’s Industrialisation: Problems and Prospects

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Industrialisation is a very important aspect of a developing economy like that of India’s. Many moderate to radical steps have been taken towards creating a better industrial atmosphere in India. In the decades that followed India’s independence, under the leadership of some stalwart visionaries, India had embarked on a pro-socialist economic development. Many major industries like Steel Authority of India Limited (SAIL), Bharat Heavy Electricals Limited (BHEL), Oil and Natural Gas Corporation (ONGC), National Thermal Power Corporation (NTPC), Indian Railways, Indian Airlines, Port Trust of India (PTI), Indian Space Research Organisation (ISRO) etc. were undertaken as pure public sector industries. There were a few strong private sector industries too like TATA, Birla, Godrej, Bajaj etc. We can see most of these industries doing flourishing business in today’s time also. While these industries made a solid foundation for India’s industrial environment today, these also suffered from several drawbacks. To name a few: lack of modern and efficient technology, slackening productivity, stagnation, corruption and unbalanced industrial development. After the strong economic blow in 1989-90, to help the economy recover from this slowdown, India embarked on the path of Liberalisation, Privatisation and Globalisation, under the initiative of the present Prima Minister of India, Dr. Manmohan Singh. Since then, the Indian economy has been showing a steady increase in its GDP. And, today, the country is viewed as an important emerging economy of the future world. The Industrial sector of India can in turn be divided into three sectors: primary, secondary and tertiary. The primary sector refers to those industries which take their inputs of p... ... middle of paper ... ...uture well-being, are often reluctant to give away their lands for industrialisation. There are also the problems of corruption and lethargy in the corporate work culture that pervades the Indian industries. There is also a lack of investment on research and development in all sectors of industries. Thus, if industrialisation is to be the backbone of the economy, India still has to go a long way to achieve excellence. With the present rise of industries in India, we can say that a more holistic approach is needed to be taken towards an overall industrial development. Foreign and domestic entrepreneurs, big and small, have to be encouraged so that they invest on industrial development in all parts of the country and in all sectors of industries. Once India is successful in doing so, we will be truly able to see “India – the new superpower” within a few decades.

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