Role of Industrilization in India

Topics: Industry, Economic development, Economy Pages: 4 (1123 words) Published: May 25, 2014
INDUSTRILIZATION Industrialisation (or industrialization) is the period of social and economic change that transforms a human group from an agrarian society into an industrial one. It is a part of a wider modernisation process, where social change and economic development are closely related with technological innovation, particularly with the development of large-scale energy and metallurgy production. It is the extensive organisation of an economy for the purpose of manufacturing.[2] Industrialisation also introduces a form of philosophical change where people obtain a different attitude towards their perception of nature, and a sociological process of ubiquitous rationalisation There is considerable literature on the factors facilitating industrial modernisation and enterprise development.[3] Key positive factors identified by researchers have ranged from favourable politico-legal environments for industry and commerce, through abundant natural resources of various kinds, to plentiful supplies of relatively low-cost[citation needed], skilled and adaptable labour. China and India, while roughly following this development pattern, made adaptations in line with their own histories and cultures, their major size and importance in the world, and the geo-political ambitions of their governments, etc.. Meanwhile, India's government is investing in economic sectors such as bioengineering, nuclear technology, pharmaceutics, informatics, and technologically-oriented higher education, exceeding its needs, with the goal of creating several specialisation poles able to conquer foreign markets. Both China and India have also started to make significant investments in other developing countries, making them significant players in today's world economy. Indian Industrialization

The industrial policy of free India was first announced in 1948. This policy envisaged a mixed economy with an overall responsibility of the Government for the planned development of industries and...
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