Reviewing India’s Industrialisation: Problems And Prospects

1019 words - 5 pages

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 production directly from the nature and convert them to usable or consumable commodities for further use in production or for direct consumption. Some examples are agriculture, fishery, poultry farming, forestry, mining et al. The secondary sector of industries refers to those which use the primary goods supplied by the primary sector and manufacture finished products from them. Some examples are automobiles, steel, power generation, electronic goods etc. The tertiary sector of industries refers mainly to those who provide various services to the general population and to the production processes. Examples of this sector are education, hospitals, telecommunications, transport et al.
We now discuss the key prospects of India’s industrialisation. India’s Index of Industrial Production (IIP) has shot up from 108.6 (2005-06) to 165.5 (2011-12). As said earlier, India’s foundation in industries is held by a few strong profit-making public sector enterprises (PSEs). In addition to the PSEs, the private sector industries have also come up in an enthusiastic number after the decentralisation and privatisation in the 1990’s. A key feature of India’s present industrial environment is the upcoming of so many new private-sector...

Find Another Essay On Reviewing India’s Industrialisation: Problems and Prospects

Relations Between India and Pakistan Essay

1506 words - 6 pages each state’s ruling elite (Chari 2008, 4). India is contending for its regional pre-eminence to evolve into pre-dominance. The latter however is dependent on other states accepting India’s claims as legitimate (Ayoob 1989, 108). Instead India’s superiority complex has been incessantly undermined by its smaller neighbours, who criticise India’s attitude as supercilious and her ambitions as overreaching (Thakur 1993, 172). Regional defiance and

Untitled Essay

1899 words - 8 pages desire for individuality and the liberty of speech, writing, religion, and thought.During the period of industrialisation many changes occurred, some for the good of a country and others for the ill. The changes in the political system of Britain would lead the way for other forms of intervention, for example the welfare state in Britain. However since the 'progress in science' was 'more rapid than that in administration' many problems seemed to be

Is India’s Inclusive Growth – a ‘Chimera’ ?

852 words - 4 pages boast the human capital and thereby raise growth, or the current emphasis on high growth can raise enough resources for investing in social sector schemes?” Y.E.S.M. 2014, however small it is, aims to discuss this age old debate from a neutral viewpoint; addressing India’s multitude of problems and focusing on the positive sides of the economy. In conclusion, I would like to say that the recent achievements of democratic India are not

Is India’s Inclusive Growth a ‘Chimera’ ?

710 words - 3 pages the current emphasis on high growth can eventually raise enough resources for investing in social sector schemes?” YESM 2014, however, small it is, is an endeavor to answer this question, addressing India’s multitude of problems and also focusing on the positive sides of the economy. In conclusion, I would like to say that the recent achievements of democratic India are not insignificant, yet the glory of vision 2020 is uncertain. It is not that


1829 words - 8 pages while the British introduced private property, breaking the power of the despots, land was quickly acquired by only two castes, the Zaminderi and the Ryotwar. The former was guilty of imposing rack-renting and the latter guilty of overtaxing. He also did not see the British Empire as a permanent solution to India’s problems, but merely a stage of history they must go through, to accelerate them towards a socialist revolution. Eventually the

China: Pros and Cons of the Regional Comprehensive Economic Partnership Part 1

1502 words - 6 pages the way of negotiations is that India would have to significantly reduce its tariffs between the two countries. Negotiators from India are struggling to agree to this because they fear that it could potentially harm the domestic businesses in the country. With a lower trade barrier between India and China, there could be a shock of cheap foreign goods coming into India from China. India’s natives may choose to purchase these goods more frequently

Industrialization in India

964 words - 4 pages to bring herself at par with the international level. To make indigenous industry stand on their feet, Indian market was not totally open for the Global business market. In 1991-92 with a remarkable foresight on Indian industrial development, Indian leaders decided the open Indian market to the Global business player. In a true manner Indian Industrialisation got its development pace after this. Investment on manufacturing industry was and is on

The Characteristics of Economic Activity in Newly Industrialised Countries

1444 words - 6 pages industrialisation. They are: Export Oriented Industrialisation (EOI) and Import Substitution Industrialisation. South Korea, as an example of a First Generation NIC, had very low prospects after the Korean War of 1950-3. However from the 1960’s the economy took off again and South Korea started achieving rates of growth for the best part of four decades. All aspect of the quality of life improved and wages rose gradually

The Debate on How Urban Middle-Class Identities Have Changed

3922 words - 16 pages course employment prospects considered essential components of a portfolio, that echoes very much a notion of “cultural hybridity” and explains why India’s huge marriage industry has been exported successfully to immigrant communities in America and Britain. Despite this many critics of arranged marriages point to the inevitable horror stories, but for every one of these one could cite a multitude of uneventful unions that remain undocumented

The Industrial Revolution in Russia

1338 words - 5 pages period was followed by more rapid growth in a society still overwhelming agricultural. Russia had well-developed industrial sectors by the early 20th century, but paused well behind the West. Russia became the only society to experience full-fledged political and social revolution after the industrialisation process was well under way. The reform period in the 1860s that brought limited freedom for the serfs also

Analysis of India in Comparative Politics

2523 words - 10 pages , and in May 2002, the world watched as foreign peacemaking attempts were made to avoid nuclear war, the closest call since the Cuban Missile Crisis in 1962. If war had happened, CNN estimated that an initial nuclear blast would kill as many as 12 million people, and Pakistan’s targets in India would have been India’s capital New Delhi and its largest city Bombay. 1 Though the fighting between India and Pakistan for Kashmir is as old

Similar Essays

Problems And Prospects For Utilitarianism Essay

1919 words - 8 pages This essay will deal with the problems and prospects for Utilitarianism, outlining the basic tenants of its philosophy and the problems that can occur while using it as a basis for moral living. It will outline, evaluate, and dismiss three different strands; act utilitarianism, rule utilitarianism and the last which is a combination of both. The history should be illustrated putting into context why utilitarianism was initially attractive; this

Entrepreneur And Economic Development Of Nigeria: Problems And Prospects

1615 words - 6 pages 1 2010 Simeon Abumere Iyoha PG/EDU0003886 [ ASSIGNMENT FOR BUS 815-ENTREPRENEURIAL DEVELOPMENT 2008/2009] Entrepreneur and Economic Development of Nigeria: Problems and prospects INTRODUCTION"No amount of pay would be enough for an employee of an organization to live a comfortable life that he would please"- this assertion is a common place phrase that new inductee of banks are tutored with on entering into the financial systems of

Education In The 21st Century: The Problems And Prospects Of Distance Learning

2734 words - 11 pages Abstract This paper attempts to identify some of the challenges impeding the effective implementation of distance learning. It explain the characteristics of distance learning and how emerging technology can be effectively employ to bring about the desired learning outcomes among learners. The study highlight the Pros and Cons of distance learning and suggestions for maximizing it advantages was discussed. Introduction The term

India’s Aging Population Essay

1320 words - 5 pages economy will suffer. Proceeds from economic prosperity won’t be reinvested, but rather used to solve problems of the past. Lastly, India’s growing population, in size and age, will have a negative impact on the economy. REFERENCES BBC Asia. "India profile." BBC New Asia. British Broadcasting Communication News, 11 Dec. 2013. Web. 8 Mar. 2014. . Desai, Sonalde, and Lester Andrist. "Gender