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Sep 18, 2011

Industrial Growth in India: An Overview

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India is now covering a well diversified industrial sector - the entire range of consumer, intermediate and capital goods industries. The story of the commodity composition of India’s foreign trade narrates the progress of the industrial growth in India.

The future of Indian economy has been depending on the sea changes in the rapid industrializations in India. The growth of industries in India during the post independence has played a major role in shaping the current India economy position, which resisted the biggest global slowdown and economic crisis.

The advancement of technology and Information Technology has pushed further the industrialization progress in India especially after 1980s. The boom of Indian IT sector is the biggest bliss for the industrialization in India, as from the core industries – navaratna companies, PSUs to small scale industries made a huge progress.

India could achieve self-sufficiency in consumer goods sector too, as the FMCG companies too booming in India and have been contributing a lot to the Indian industrialization. The infrastructure including Research and Development capabilities, consultancy and design engineering services, project organization services helped too Indian industries too reach the top position.

Of late, the contribution of the mining, manufacturing and electricity has not been at the peak but these three components of industrial production might sign again. The index of production in mining was increased from 125.5 per cent in 1993-94 to 139.6 in 2002-03, which was the biggest rise.

The manufacturing moved up to 183.1 per cent from 148.8 during the same period. Another recession sort of situation across the globe would weight high on the Indian economy this time and ultimately the industrial growth rate may be affected.


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