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Chapter: 11th 12th std standard Indian Economy Economic status Higher secondary school College

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Patterns of Industrial Development

The pre-independent India, mostly characterised by backwardness, did not have an organized industrial sector. The Second World War made small beginning in the industrial development. Still the share of industries in the country's national income was relatively small.


Patterns of Industrial Development

 

The pre-independent India, mostly characterised by backwardness, did not have an organized industrial sector. The Second World War made small beginning in the industrial development. Still the share of industries in the country's national income was relatively small.

 

There had been a marked shift in the advancement of the industries after the implementation of five year Plans in the independent India. The significant role of industrialization as the major channel of rapid economic growth and allround development has been recognized by the planners of modern India.

 

Besides rapid growth and prosperity, the Indian strategy of development planning, inspired by economic nationalism, aimed at achieving self-sufficiency under the direction of public sector. It also aimed to translate the economic growth into improved standard of living of the masses. Maximum production and full employment, and the attainment of economic equality were the long term objectives declared by the First Five Pear Plan.

 

The policies aimed at achieving economic growth with distributive justice. Then the rapid development of industries and their diversification are considered to be absolutely necessary for development.

 

The experience of state dominated development planning for a period of more than five decades has brought out many significant achievements in the growth and structure of Indian industries.

 

'Growth with social justice' has been the main objective of planning since 1951. It has been defined to be inbuilt in the production process so that the major beneficiaries of the development planning are the majority of the people and the rapid and diversified industrialization serves the needs of the masses by generating adequate employment and income distribution.

 

The new policy environment focused on a mixed economy framework where the public sector will play a major role in building the industrial base of the economy with the objectives of accelerating growth, generating employment, reducing regional disparities, checking concentration of economic power and achieving self-reliance.

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