Economic activity related to the transformation of resources into usable goods is referred to as industry. Industry includes both the breeding and raising of animals as well as the production or processing of materials and goods. Activities involving mechanical appliances and technical expertise are also referred to as industry. The Industrial sector plays a major role in the economy of a nation.
Bharat is gifted with various natural resources such as fertile soil, forests, minerals, and water. Also, cheap labor required for the development of industries is available in the country. The vast population provides a ready market for the consumption of the finished goods. All these factors played a favorable role in developing industries in Bharat. Today, the major industries in Bharat’s economy are Iron & Steel, Textiles, Jute, Sugar, Cement, Paper, Petrochemical, Automobile, Information Technology (IT), and Banking & Insurance.
Since independence, the government has introduced various industrial policies as summarised below:
Industrial Policy Resolution, 1948: The Industrial Policy Resolution of 1948 sought to advance infrastructure development, private sector investment, and the expansion of small-scale industries to advance industrial development within the nation. The policy prioritized the growth of the consumer goods, basic industries, and agriculture sectors.
Industrial Policy Resolution, 1956: The Industrial Policy Resolution of 1956 established the groundwork for India's socialist economic model by emphasizing the growth of the public sector. Its goal was to encourage fair distribution of wealth and lessen the concentration of economic power in the hands of a select few.
Industrial Policy Statement, 1973: By supporting the expansion of small-scale businesses, encouraging the growth of indigenous industries, and offering incentives to export-oriented industries, the Industrial Policy Statement of 1973 sought to foster economic self-reliance.
New Industrial Policy, 1991: India's socialist economic model underwent a significant shift in 1991 with the implementation of the New Industrial Policy, which sought to reduce government intervention, promote private sector involvement, and liberalize the economy. The policy promoted the development of high-tech and export-oriented industries while opening the economy to foreign investment.
National Manufacturing Policy, 2011: The National Manufacturing Policy of 2011 strongly emphasized developing technology and innovation, building up the workforce's skill set, and bolstering infrastructure to raise manufacturing's GDP share to 25% by 2022.
Make in India, 2014: The government of India started a significant program called "Made in India" in 2014 to encourage domestic manufacturing and draw in foreign capital. The initiative seeks to facilitate investment in the manufacturing sector by streamlining regulations, creating an environment that is favorable for investment, and offering incentives and benefits.
Aatmanirbhar Bharat: The COVID-19 pandemic adversely affected the Indian economy. In 2020, the central government launched the Atmanirbhar Bharat Abhiyaan (Self-reliant India campaign). Under this campaign, they announced various reforms in the industrial sectors of defense, space, aviation, minerals, power, atomic research, and social infrastructure.
