In excess of the years agriculture has been the most important source of livelihood of the Indian population. However, after Independence the beginning fathers saw the nation progressing with a decent industrial base. This triggers the formulation of programs and strategies to construct a proper communications for speedy industrialization. India has been successful in achieving autonomy in producing different basic and capital products since independence.
In view of the fact that independence to 1980: During this period there was restraining growth of private sector and government’s authorization was required to set up any private endeavor in India. Despite this the GDP grew at a rate of 1.4% per annum from 1940 – 1970. Other factors such as poverty and famine lowered India’s economic growth rate for the duration of this period and with the presence of very few top producers of major industrial goods the absorption of domestic production was greater, which lead to monopolistic price.
Experts believe that the involvement of India in the
world GDP is estimated to increase from 6% to 11% by the year 2025, while on the flip side the involvement of US in world GDP is recognized to decline from 21% to 18%. This indicates towards the emergence of India as the third biggest global economy after US and China. The assessment is supported by the overall development in all the sectors in India, in which the key sector is the industry sector.
Going by the past records the Industry sector in India registered a growth rate of 6.2% in October 2003 which further greater than before by 4% in the corresponding month of the next fiscal year. Indian industry includes Chemical Industry, food processing industry, steel industry, cement industry,Textile Industry, petroleum industry, mining industry etc.