Process of Industrialization in India - 2783 Words

PROCESS OF INDUSTRIALIZATION IN INDIA Meaning of Industrialization The term industry refers mainly to manufacturing activity. Agriculture, mining, and most other services are excluded from it. The term industrialization† literally means the growth of manufacturing industry. It is thus a part of the much broader process of economic development which involves the raising of standard of living, through a steady increase in the efficiency of factors of production. India is a developing country. Economic development here must basically mean raising the productivity of agricultural workers. After a certain stage of development, however, it may become more profitable to transfer the surplus labor to their gainful employments as†¦show more content†¦The production of matches, glass, vanaspati, soap and several engineering industries also increased considerably during this period. (5) During the Second World War and After: The Second World War added a great stimulus to the development of Indian Industries to their maximum capacity. Several new industries such as ferro alloys, non-ferrous metals, diesel engines, pumps, bicycle, sewing machines, soda ash, caustic soda, chlorine and super phosphate came into existence. The manufacture of machine tools and simple machinery, cutlery and pharmaceuticals also started. The post war years (after 1945) marked the development of a new range in industries including ball and roller bearings, carding engines, ring frames and locomotives. Industries like the fertilizer, cement, sheet glass caustic soda and sulfuric acid expanded considerably during the post war period. (6) Development during the First Plan (1951 - 1956): In the First Five Year Plan emphasis was mainly on agriculture, irrigation and power; only about 8 per cent of the total investment was allocated for industries and minerals. Targets of production were more or less reached in the case of cotton textiles, sugar, vegetable oils, cement, paper, soda ash, caustic soda, rayon, electrical transformers, bicycles, sewing machines and petroleum refining.Show MoreRelatedThe Long Term Economic Growth1290 Words   |  6 Pagescontradictions and conflicts between countries in the contemporary world. And different level of industrialization caused the widening gap. So we can say the limited industrial development caused by colonialism is a real issue behind many current contradictions and conflicts. In order to reduce these conflicts and narrow the gap, the colonized countries should make a breakthrough on its limited industrialization by focusing on its own features-- resources and structures, and taking effective measures--Read MoreThe Economic Development Of China1130 Words   |  5 Pagesof export led industrialization and economic liberalization. We should recognize the success that China has had with export-le d growth and want to emulate the policies that have enabled incredible economic development to occur in our neighbors to the north. Since 1991, we have taken great strides to modernize our country. But, there are still inefficiencies in our economy that need to be addressed to ensure continued economic development. Theory behind export-led industrialization: Export-led industrializationRead MoreIndustrialization And Poverty1445 Words   |  6 Pagesdeveloped countries. Industrialization is one of the effective ways to reduce poverty. Poverty can be reduced by economic growth and equality. Industrialization is a process where primary goods are used to produce manufacturing goods, sometimes human labor is replaces by machines and robots. Income per capita increases because of industrialization. The industrial revolution of 18th and 19th century has occurred because of major industrial shift in western economy. 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If the British had allowed India to industrialize, the world would probably be a very different place today. Read MoreThe Rural Urban Gap And The Policy Response Essay1689 Words   |  7 Pages THE RURAL-URBAN GAP AND THE POLICY RESPONSE: A STUDY OF POST-INDEPENDENCE INDIA A Study of Post-Independence India ABSTRACT The rural-urban gap in development attainment has attracted the attention of many economists. Lewis, Fei-Ranis, and Harish-Todaro models focus on the rural-urban dualism in underdeveloped economies and proceed to illustrate how the economies get transformed in the process of development. When India attained independence in 1947, it was a predominantly rural, agricultural and