Introduction
Industrialisation is the period of social and economic change that
transforms a human group to an industrial society from an agrarian
society, involving the extensive manufacturing reorganisation of an
economy.
Industrialisation requires many key elements to grow on a significant
scale. They are land, labour, capital technologies, and connections.
People cannot grow into an industrial society without a generous
supply of these essential elements and the capacity to coordinate with
them.
Industrialisation in India
The industrial revolution entered India in 1854 when Bombay opened
its first steam-powered cotton mill in Asia. Initially, the growth was
slow, and the expansion of these modernised cotton mills was not
done until the 1870s and 1880s. India now has the world's sixth-largest
economy.
Industrialisation provides greater opportunities for employment in
small and large scale industries. In an industrial economy, industry
absorbs underemployed and unemployed farmworkers, thus increasing
community income.
It also helps in overcoming deterioration in terms of trade, bringing
technological progress and providing the necessary elements for
strengthening the economy.
LATEST TRENDS OF INDUSTRIALISATION
The future of industrialization in India is uncertain. However, recent
trends suggest that industrialization is picking up again. The
government of India is taking steps to promote industrialization, and
the rise of start-ups and foreign investment is helping to drive
innovation and growth. If the government can continue to provide the
necessary support, industrialization can play a major role in driving
economic growth in India.
Some of the recent trends of industrial devolution in India are:
Industrial corridors: The emergence of industrial corridors and clusters
along the major highways and railways, such as the Delhi-Mumbai
Industrial Corridor, the Chennai-Bangalore Industrial Corridor, and the
Amritsar-Kolkata Industrial Corridor.
Special economic zones: The development of special economic zones
(SEZs), export-oriented units (EOUs), and industrial parks that offer tax
incentives, infrastructure facilities, and regulatory exemptions to
attract domestic and foreign investors.
MSMEs: The promotion of micro, small and medium enterprises
(MSMEs) that cater to the local demand and supply chains, and provide
low-cost and innovative solutions to various sectors such as agriculture,
textiles, food processing, leather, handicrafts, etc.
IMPACT ON ECONOMY OF INDIA
The Index of Industrial Production (IIP) for India has recently shot up
from 108.6 (2005-06) to 165.5 (2011-12). The country’s foundation in
industries is held by a few strong profit-making public sector
enterprises (PSEs). In addition to the PSEs, the private sector industries
have also come up in an enthusiastic number after the decentralization
and privatization in the 1990’s. A key feature of India’s present
industrial environment is the upcoming of so many new private-sector
IT or software industries. The IT sector is attracting huge financial
investment from various entrepreneurs, both national and foreign,
with revolutionary ideas. A few examples are IBM, Microsoft, Infosys,
Accenture, HP, Google and the like. Also, the abundance of services is a
feature that’s largely responsible for the current economic growth of
the nation. A considerable proportion of the national income comes
from this tertiary group of industries.
The development of the banking and financial institutions is also a very
positive aspect towards India’s industrialisation. It has given an
impetus to the domestic investment in businesses, both small and
large. Innovative young entrepreneurs are coming up with new
industries and ideas like in the food industry, fashion industry,
publishing houses, interior designing, entertainment, software,
Infrastructure building, banking & finance, outsourcing and the like.
There has been huge foreign investment in non-consumable
commodities like telecommunication, automobiles, electronic goods,
various machines used in production, IT sector etc. The education
industry has also seen a positive growth in the last decade. A number
of private institutions have come up in the fields of higher education,
specialisation, training and research and development. Along with
these, the government educational institutions also continue to
dominate the education industry. A number of IITs (Indian Institute of
Technology) and IIMs (Indian Institute of Management) have come up,
giving high quality first hand training and experience in the fields of
engineering and business management.
Advantages of Industrialization
Industrialisation has brought about many advantages to society. It has
increased our standard of living and made us more productive. It has
also created new jobs and industries and helped raise living standards
worldwide.
There are many advantages to industrialisation, but some of the most
notable ones include the following:
1. Increased standard of living: Industrialization has helped increase
our living standards by providing better products and services. We now
have access to a wider range of goods and services than ever before,
and we can enjoy a higher quality of life.
2. Improved healthcare services: Industrialization has led to
improvements in public health, thanks to advances in medicine and
sanitation. This has resulted in longer life expectancy and reduced
mortality rates.
What are the Disadvantages of Industrialization?
There are several disadvantages associated with industrialisation,
including:
1. Environmental pollution: The increased industrialisation-related
pollution can hurt human health and the environment.
2. Decline in traditional industries and jobs: The industry's growth can
lead to declining traditional industries and jobs as people move away
from rural areas to work in cities.
NEED OF INDUSTRIALISATION IN INDIA
For economic growth and development of any country,
industrialization is very essential. As India is a developing country, rapid
industrialization is needed in India.
Industrialization can help the progress of agriculture, trade, transport
and all other economic activities.Industrialization is the essential factor
for economic development. It will make the best possible use of our
human and physical resources. Rapid industrialization is important for
creating employment opportunities, promotion of education, training
and research.It improves labour productivity and balanced regional
development. Industrial growth brings a rapid increase in the national
income of the country.For reducing the increasing pressure of
exploding population on our developing economy, rapid
industrialization is a must. We can use more capital and technologies.
CONCLUSION
Overall, it can be concluded that industrialization is necessary for
India's economic growth and development. The latest trends in India
show that the country is making significant progress in various sectors,
including manufacturing, technology, and services. These trends have
led to an increase in job opportunities, improved infrastructure and
better living standards for the people.
However, industrialization also has its drawbacks, such as
environmental pollution and displacement of rural communities. These
issues must be addressed with effective policies and regulations to
ensure sustainable development.
In terms of the impact of industrialization on India, it has brought
about significant improvements in various aspects of the country. The
economy has grown tremendously, and India has emerged as a major
player in the global economy. Additionally, industrialization has led to
technological advancement and improved infrastructure that caters to
the needs of the public, making life easier and convenient.
Overall, the needs for industrialization in India are pertinent, and the
latest trends show that the country is making significant progress. If
India continues on this path, it can become one of the world's leading
economies, high levels of human development, and improved living
standards for its citizens.
