“Rapid industrialization and diversification of the industrial structure have been the twin objective of industrial policy in India”- Elaborate.

Industrialization and diversification of the Industrial ocured in  1951, when India embarked on its first five-year plan, the country’s industrial base was small, dominated by cotton and jute textiles. Registered manufacturing units, employing ten or more workers, contributed about 4.4 percent of the gross domestic product (GDP) at 1993–1994 prices; the contribution of unregistered units was 4.6 percent. Barely more than fifty years later, India has a highly diversified industrial structure, producing a wide range of goods. Indian industry is now capable of designing and implementing industrial projects using sophisticated technology. In 2000–2001, the GDP share of registered manufacturing was 10.5 percent, and that of total manufacturing 17.2 percent. In terms of manufacturing value added, in 1998 India ranked fifteenth among 87 countries (UNIDO, Industrial Development Report. Among developing countries, India ranked sixth, behind China, Brazil, Korea, Mexico, and Taiwan.

The industrialization strategy implemented in the second (1956–1957 to 1960–1961) and third (1961–1962 to 1965–1966) plans emphasized rapid growth and diversification through industrialization, considered essential for achieving and maintaining full employment at a rising level of productivity. India’s planners believed that in order to industrialize, it was necessary to develop an indigenous heavy industry base, for which the public sector would take prime responsibility. Such thinking shaped the policy environment for Indian industry, and the government invested in heavy industries, primarily iron and steel. During this period and in the next twenty-five years, India pursued an inward-oriented industrialization strategy. There were high import restrictions, combined with strong regulation of domestic industry. Domestic manufacturing enterprises were highly protected against foreign competition. Most production- and investment-related decisions of industrial firms were subject to extensive government controls.

In the 1970s, those “protective” industrial and trade policies were clearly having detrimental effects on India’s economy, which led to the initiation of a slow process of liberalization of industrial and trade policies that gained momentum in the 1980s. It was the economic crisis of 1991, however, that led to major and far-reaching economic policy reforms in India. The economic reforms undertaken ___ ________ ________ _______ ____ ________ _____ ___ _________.
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