Explore the latest strategic trends, research and analysis We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. We do not yet know just how it will unfold, but one thing is clear:
Essay on Industrialization in India Essay Contents: India began her quest for industrial development after independence in The resolution not only defined the broad contours of the policy; it delineated the role of the state in industrial development both as an entrepreneur and as an authority.
Successive policy resolutions also reiterated this basic tilt in favor of the public sector. The Industrial Policy Resolution of gave the public sector a strategic role in the economy. It categorized industries which would be the exclusive responsibility of the state or would progressively come under state control and others.
Earmarking the pre-eminent position of the public sector, it envisaged private sector co-existing with the state and thus attempted to give the policy framework flexibility.
The Industrial Policy initiatives undertaken by the Government since July have been designed to build on the past industrial achievements and to accelerate the process of making Indian industry internationally competitive.
It recognizes the strength and maturity of the industry and attempts to provide the competitive stimulus for higher growth. The thrust of these initiatives has been to increase the domestic and external competition through extensive application of market mechanisms and facilitating forging of dynamic relationships with foreign investors and suppliers of technology.
The process of reform has been continuous. There is a strong case for the industrialization of countries like India with vast human resources, large and varied natural resources and continental dimensions. The following are the main arguments in favor of industrialization: The industrial development can provide a secure basis for a rapid growth of income.
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. In the industrial sphere it is possible to enlarge the scale of production.
Empirical evidences suggest a close relationship between the high level of income and industrial development. Reduce Disparities in Export and Import Elasticity: If an economy does not opt for industrial development, it may concentrate on the products of primary goods, export them, and get industrial goods from industrially developed countries.
But such an economy may find it difficult to earn foreign exchange to import their manufactures. The income-elasticity of export-goods of agricultural countries is low, while the income elasticity of import-goods is high.
As in the case of domestic demand, the demand for agricultural products in other countries, in particular advanced countries, is very low. In fact, developed countries have surpluses in agricultural products for exports.
As against this, the demand for the import of manufactured goods by underdeveloped countries is very intense. The disparities in elasticity, therefore, point to the difficulty of earning adequate foreign exchange.
India presents an example who cannot export to earn enough foreign exchange from the export of its primary products alone. Industrialization can, therefore, correct disparities in the elasticity of foreign trade. The country may establish such industries that are in the nature of import-substitutes so that the gap between the elasticity of imports and exports is bridged.
After having met the needs of food, incomes of the people are spent mostly upon non-food items. Beyond certain limits, the demands of the people are usually for industrial products alone. Till basic needs are met, the demand for agricultural products increases. Once agricultural production, including dairy production, reaches a point where the demand for food is completely met, its further expansion comes to a halt.
With the advancement on the industrial front, the proportion of natural raw materials in finished products has declined. Besides, the synthetics have greatly reduced the need for natural raw material. This points out to the fact that income-elasticity of demand for the manufactured goods is high and that of agricultural products low.
Indian economy characterizes by surplus labor and rapidly growing population. In addition the labor becomes redundant as the process of technical improvement in agriculture progresses. To absorb this surplus labor, as also to provide employment at a rate commensurate with the addition to the labor force, it is essential to industrialize the country.
It is the establishment of industries alone that can generate employment opportunities at an increased rate.
The industrialization can provide the necessary elements of strength to the economy. The development of industries producing capital goods enables a country to produce a variety of goods, in large quantities and at low costs, make for technological progress and change in the outlook of the people.
This brings about an industrial civilization or environment for rapid progress. It makes possible the production of infrastructural goods for the future growth of the economy.Essay on industrialization and it’s impact on politics, education, religion and family. The process of industrialization has transformed the entire old socio-economic structure which was founded on traditional feudal and pre-feudal principles of birth and status.
Industrialization, Economics, and the Environment Essay - Industrialization, Economics, and the Environment Human technological advancements make it possible to sustain larger and larger population by exploiting more and more natural resources.
Role Of Industrialization In Economic Development Economics Essay. Print Reference this. Published: 23rd March, Disclaimer: This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Role of industrialization in economic development. Industrialization, Economics, and the Environment Human technological advancements make it possible to sustain larger and larger population by exploiting more and more natural resources.
The three revolutions in human history, agricultural, industrial and green have all been answers to overpopulation. Impacts of Industrialization in India.
India is a predominantly agricultural country. The well-being of Indian economy is directly connected with the welfare of her masses dwelling in the rural areas. Industrialization is the process in which a society transforms itself from a primarily agricultural society into the manufacturing of goods and services.