This year’s theme for Young Economist Students’ Meet (YESM) is Reviewing India’s Industrialization: Problems and Prospects. According to me, such a theme for a students’ seminar is very relevant at this point of time because it has been 65 years since the country’s independence and India is emerging as one of the biggest and fastest growing economies of the world. There are very many obstacles still which hinder this growth and there are other aspects of the Indian economy that are greatly advantageous. So, assessing the path of industrialization in India and the future of the country is very much pertinent in today’s context.
Now, India’s industrialization can be divided into three periods, i.e. the pre British era, British era and the post British or modern industrialization era. Before the advent of European countries in India, India was famous for its handicraft products and large scale production of cotton, silk, dyestuff, jute, etc. Indian artisans were excellent at making metallic jewelry, household products and various other items. In fact, towards the end of the 18th century, India emerged as one of the major trading centers in the world. However, all this was to change once the Industrial Revolution was triggered in Europe. Factories in England were producing machine made cloth and these were much cheaper that the handmade indigenous ones. As a result demand for products of Indian craftsmen drastically declined and they soon ceased to exist.
The deindustrialization of Indian industry was what followed. This process was further propelled by the colonization of India by the British. The strength of the Indian industry lied in its capability of producing cotton and other fabric materials and exporting it. When the Briti...
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... This is highly damaging to the environment and the government in order to promote sustainable development must implement policies to curb such emission levels.
Economic sustainability is a global issue face by all countries. How long can earth’s resources sustain the ever-growing demand of the masses? Unless, efficient and sustainable means are adopted, all of the natural resources are going to get exhausted.
India has gone from an agricultural economy to one that is characterized by one of the highest growth rates. However, such a change has brought about problems in the form of income inequalities and environmental degradation. Hopefully, in the coming years, the country will learn to combat these obstacles and emerge as one of the economic giants in the world.
“Mother Earth provides enough to satisfy every man’s need but not every man’s greed”-
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