Industrial Sector in India: Policies and Performance

After the British left, India was left with a slew of structural and economic problems that almost halted industrial progress. The remainder of the economy was seen as the driving force for industrialization by policymakers. In addition, India has implemented several measures to promote industrial growth since 1948, but the regime altered its aspect in the aftermath of economic liberalisation and deregulation towards the start of 1991, which had a favourable impact on industrial performance. The industrial sector's performance from 1950-51 to 2016-17 was examined. During the reforms, however, both the industrial and manufacturing sectors stayed at comparable levels after the research's second period of observation, i.e. 1980-81 to 1991-92. (1991-92 onwards). Over 17% of the workforce in India is employed in the industrial sector, which contributes about 27.6% of the country's GDP. In 2015–2016, the industrial sector's contribution to India's GDP increased by around 5.3%. Within this year's India GDP, the manufacturing sector provided around 5.6 percent, the power, water supply, and gas sectors contributed 2.7 percent, and the mining and quarrying sector contributed 4.2 percent. The massive investments being made in this area, which have aided in the expansion of the industries, are to blame for the increased industrial growth rate in the Indian GDP. Indian industrial sector is facing a lot of problems including lack of proper planning and investment, infrastructure, skilled workers and others which is responsible for the poor industrial growth in India. It may be accelerated by Long-term rational and stable fiscal policy, Optimum utilization of resources, Equal distribution of income, Policy for sick units, Favourable industrial climate, Removal of Bottlenecks as well as by modernisation and technological upgradation. It has provided a most significant boost to the Indian economy. The government of India is making efforts regularly to boost the industrial sector in the country which will be resulted into the economic growth of India.