Role of industrialisation in indian economy. Role of Industrialization in India and Ownership Pattern of Industries 2022-10-26
Role of industrialisation in indian economy Rating:
Industrialization has played a significant role in the development of the Indian economy. It has contributed to the growth of the country's GDP, increased employment opportunities, and improved living standards for many people.
Before the onset of industrialization, the Indian economy was predominantly agrarian, with agriculture contributing to the majority of the country's GDP. However, with the adoption of industrialization, the economy began to diversify, and the manufacturing sector started to grow. This led to the development of new industries, such as textiles, steel, and machinery, which provided employment opportunities for a large number of people.
The growth of the industrial sector also led to the development of infrastructure, such as roads, railways, and ports, which facilitated the movement of goods and people within the country. This, in turn, led to the growth of the transportation and logistics sector, which further contributed to the development of the economy.
Furthermore, industrialization has led to the growth of the service sector, which includes sectors such as finance, healthcare, and education. The growth of the service sector has provided employment opportunities for a large number of people, particularly in urban areas.
Industrialization has also led to the growth of the export sector, which has helped the Indian economy to become more integrated with the global economy. The growth of exports has led to an increase in foreign exchange earnings, which has helped the country to fund its development projects.
However, industrialization has also had its fair share of challenges. It has led to environmental degradation and has contributed to the pollution of air and water. It has also led to the displacement of people from their lands, particularly in the case of large-scale industries.
In conclusion, industrialization has played a significant role in the development of the Indian economy. It has contributed to the growth of the country's GDP, increased employment opportunities, and improved living standards for many people. However, it has also had its fair share of challenges, and it is important for the government to address these challenges in order to ensure sustainable and inclusive economic development.
Industrial Licensing Policy: With the introduction of New Industrial policy NIP 1991, a substantial program of deregulation has been undertaken. Industrialization promotes specialization of labour. Industrialisation in a particular region brings growth of transport and communication. Besides substantial concessions by way of reduction on the rate of excise duty on high pressure sodium vapour lamps and in the rate of import duty on the components required for manufacture of lamps have been given. It is one of the traditional products of India.
Role of Industrialization in India and Ownership Pattern of Industries
However, such cases are not common. Jute: The jute industry in the country is traditionally export- oriented. FDI benefits domestic industry as well as the Indian consumer by providing opportunities for technology up-gradation, access to global managerial skills and practices, optimal utilization of human and natural resources, making Indian industry internationally competitive, opening up export markets, providing backward and forward linkages and access to international quality goods and services. The Industry has witnessed a steady increase in installed capacity and production over the decades. It is only through industrial development in a big way that the national objective of self-reliance in defense materials can be achieved. Drug Policy: In view of the experience gained over the years, the Government has felt the need to modify the existing Drug Policy 1986 so as to bring it in consonance with the Industrial Policy 1991 and the present EXIM Policy as also to simplify and streamline the existing pricing system. The Office of the Development Commissioner for Handicrafts implements Plan schemes covering various areas like training, design, development, technology upgradation, market promotion, exhibition and publicity, exports, etc.
These different varieties of cement are produced strictly under BIS specifications and the quality is comparable with the best in the world. These infrastructures are essential for economic growth. These policies could not meet the requirements of liberalised economy and foreign investments. Overview of Indian industries: Since 1991 many changes have taken place in Indian industrial scenario. This is only possible through deliberate industrialization. Therefore, any transfer of labor from agriculture to industries contributes to economic development.
It includes items such as generators, boilers, turbines, transformers, switchgears, etc. Interpreted in these terms, the employment argument is essentially an output argument which entails that scarce resources must be put to best possible uses so as to result in maximisation of output. The development of modern industries has stimulated the growth of banking, insurance, commerce, shipping, air services etc. Resources should be properly utilized to transform them into finished industrial products. Industrial Policy 1956: After 1948 significant developments took place in India. The number of such sick industrial units was 3,317 in March 2001 belonging to industries like engineering, textiles, chemicals, sugar, rubber, cement etc. Public Sector Undertakings: About 250 units in the organised sector, five in the public sector IDPL, HAL, SSPL, BCPL and BIL , six in the joint sector and about 5,000 units in the small scale sector are engaged in the production of drugs.
What are the recent trends of industrialization in India?
These profits can be reinvested for expansion and development. India missed the previous industrial revolutions but can finally industrialize because of global tailwinds, cost-advantages and improvement in domestic innovation. The industry is receiving adequate encouragement from the Government. In fact, the rates of productivity in India are higher in the industries than in agriculture. But thereafter there has been an almost continuous fall in the growth rate to an average of as low as 4. Thus, from the Second Five Year Plan the Planning Commission has given huge emphasis on industrialization in India.
Employment opportunities in MNCs vi. The employment in the handicraft sector is expected to reach 76. The spindle age increased from 11 million in 1951 to 33. A total switch-over to all Aluminum Alloy Conductors AAAC realising its techno-economic benefits, would give a boost to this sector. What are the economic effects of industrialization? In the process, machines replace labour, reducing costs and saving time. Further, in 12 of the most important remaining industries the public sector was to play a dominant role. .
What is the impact of industrialization on the economy of India?
During the Third Five Year Plan, emphasis was laid on the expansion of the three public sector plants and preparation of plants to set up more steel plants to create additional steel production capacity. Industrial policy has brought reforms in related areas such as export, import etc. Distillation of alcoholic drink ii. In India, the industrial sector has enabled the economy to overcome this deterioration by exporting oriented products and adopting import substitution. The electrical industry covers a wide range of products the installed capacity is considered adequate to meet the domestic demand as well s exports. Export of cement was 4. A nation which depends on other countries for the supply of ammunition will eventually suffer and may face defeat.
Role of Industrialization in the Economic Development of India
These industries provide so many benefits to the economy i. The Government had completely de-licenced the paper industry from 17 July 1997. In the sphere of industries, man can, by putting in more effort and application of ever-improving technology, push on with the objective of producing more and more economic goods. Industrialization plays a vital role in the economic development of an underdeveloped country. Indigenous industry is not only exporting general purpose machines to advanced countries but have also commenced export of CNC machine tools. Romana College got 'B' Grade from NAAC in the 3rd Cycle Accreditation on 25th January 2021. Large scale sectors should devise programme for small scale and village industries.
IMpact of industrialisation in indias economy Free Essay Example
Raising Productivity: ADVERTISEMENTS: The modern industry can directly or indirectly helpful to raise productivity of the economy. Ninety per cent of the production of laundry soap is in the small scale sector. Raising Income: The industrial development can provide a secure basis for a rapid growth of income. With the further development of these industries, this share is bound to go up rapidly in the near future. Production of major petrochemicals increased from 3,577 kilo. Hindustan Insecticides Limited HIL , incorporated in 1954, has three units at Delhi, Udyogmandal Kerala and Rasayani Maharashtra.
The industrial growth rate has also exceeded the population growth at around 2 per cent. Out of 1,782 mills, 192 are in the public sector, 151 mills in the corporation sector and 1,439 mills are in the private sector. The industrial policy resolution of 1948 contemplated a mixed economy reserving a sphere for both public and private sector. Indian ranked at the 4 th position in the production of crude steel 85 million tonnes in the world during 2014 after China, Japan and USA. The Industrial policy stated that industrial units found guilty of mismanagement leading to sickness would be dealt firmly. Industrialization increases the income of the workers. Raigad district in Maharashtra, with the main objective of manufacturing chemical intermediates required for the manufacture of drugs, dyestuffs, rubber chemicals and laminates, etc.