Industrialisation is vital for a country's economic development. Indian industrial sector is characterised by under-utilisation of resources, low capital formation, low level of technology, lack of skilled manpower and social attitudes of the population. Indian industrial development is also highly influenced by the political climate of India, the political philosophy of the ruling party, the attitude and culture of the political administrators and Indian Industrial Policies. Indian industry also depends highly on the attitudes and aspirations of the Indian manpower and Indian society.
The economic structure of India follows a mixed economy. Thus, the functioning of dual sectors - public and private - exist in India. Public sector includes both public utility undertakings and public enterprises. Due to several factors, such as, low returns, longtime lag, defence requirements, public utilities, large resource requirement, development of backward regions, development of infrastructure, etc. the Government had to invest in certain capital- intensive
more...