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...