Globalization has emerged as the new challenge of the twenty-first century. Globalization today is quite like what industrialization was in the 18th Century. However there is once again an opportunity for India to industrialize by using the process of globalization for enslaving capital. It is time for the industrial sector to grow. The services sector has already registered impressive growth while the agricultural sector has its own limits to growth. It is time to adapt to the fast changing policy environment and it is time to clearly understand the political economy of these changes both at the national as well as the international level. In the post economic reform era, Indian industrial sector is at crossroads. Choice of policies is going to determine the exact path that this important sector-which contributes significantly to India’s growth-is going to take. Competition is becoming more intense year by years with policy announcements like lifting of quantitative restrictions on imports and the commitment to reduction f import tariffs so as to bring them down to the East Asian level. The industrial sector is facing the challenge of “death of distanceâ€, caused by globalization. Introduction of competition has resulted in salient changes in market structure for industrial products. Price wars began in India during the later half of the 1990s. These price wars had a gravitational effect on profit margin especially in consumer non-durables and affected the performance of the concerned sector. This book is an attempt at taking stock of the changes that are affecting the performance and structural framework of the Indian industrial sector. Analyzing salient policy changes like privatization is attempted in the book. the book provides a brief account of economic reforms in India. Related important topics like industrial employment and labour laws, role of FDI and the challenge of WTO and a brief introduction to competition policy also finds space in the book.
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