India was a typical backward economy in terms of industrialization at the time of Independence in 1947. t his was the result of colonization and systematic exploitation of the Indian economy by the British during the 19th century and the first half of the 20th century. India’s development pattern during 1950-80 was characterized by strong centralized planning, Government ownership of basic and key industries, excessive regulation and control of private enterprise, trade protectionism through tariff and non-tariff barriers and a cautious and selective approach towards foreign capital. Policy makers started realizing the drawbacks of this strategy which inhibited competitiveness and efficiency and produced a much lower rate of growth than expected. The last decade of the 20th century was momentous in the economic history of India as it witnessed a successful transition of India from a controlled, inward looking, and slow growing economy to a liberalized and open economy that has now found a place amongst the fastest growing economies in the world. The wide-ranging reforms, initiated and implemented since 1991, have induced greater efficiency and competitiveness in all spheres of economics activity. Industrial progress of Indian over the last 60 years since Independence has been quite satisfactory. The country has achieved near self-sufficiency in the production of manufactured goods as reflected in the composition of imports which mainly consist of petroleum products, chemicals, and capital goods. Industrial progress has also led to the growth of technological and managerial skills, and industrial and scientific research. the present work traces the developments in Indian industry during the post-Independence period, explains the key reform measures undertaken for the development of industry in the wake of economic liberalization and examines current issues pertaining to this vital sector of the Indian economy. Part I of the book provides a detailed description and commentary on the various aspects of industrial development in India during the post-Independence period. Part II contains extracts on industry from India’s Five Year Plans from First Five Year Plan (1951-56) to Tenth Five Year Plan (2002-07) including Mid-Term Appraisal of the Tenth Plan released in June 2005. Part III provides year-wise review of industrial developments in India, covering the period 1947-48 to 2006-07. Part IV contains glossary of industrial terms. Part V consists of appendices which provide relevant material on different aspects of Indian industry. This work would prove useful for the students and teachers of economics, commerce, management, and all those interested in the contemporary industrial scene in India.
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