India's Industrialization: From Nehru's Vision to Global Expansion
India's journey towards industrialization began immediately after gaining independence in 1947. The first prime minister, Jawaharlal Nehru, steered the nation towards a planned economy for 17 years, setting the stage for significant developments in various sectors.
Nehru's vision was evident in the First Five-Year Plan (1951-56), which prioritized transport, communication, and power infrastructure. This plan, with an outlay of Rs.19,600 million, laid the foundation for India's industrial growth.
The initial years saw a competitive landscape among professional bodies. The Indian Engineering Association (IEA) and the Engineering Association of India (EAI) vied for influence and members. However, this competition eventually led to the formation of the Confederation of Indian Industry (CII) in 1992, with Adi Godrej, who was once Tarun Das's assistant at the Bengal Chamber of Commerce, playing a pivotal role.
The Industrial Policy Resolution of 1948 and the Industrial (Development and Regulation) Act of 1951 identified 38 key industries, known as 'scheduled industries,' that required licenses for operation. This regulation evolved in 1956, with the state taking a more socialist role and exclusively reserving 17 industries for itself.
The 1960s witnessed India's first industrial slowdown due to a combination of global and domestic factors. Despite this, the decade also marked significant achievements, such as TISCO doubling its capacity by 1958 with government support and a World Bank loan. Furthermore, the Birla Group established a textile mill in Ethiopia, pioneering international ventures by Indian companies.
From a largely colonial economy dominated by foreign firms in 1947, India has evolved significantly. The nation's first prime minister, Jawaharlal Nehru, and subsequent policies have steered the country towards a planned economy, with notable achievements in industrial growth and international expansion.
Read also:
- Duty on cotton imported into India remains unchanged, as U.S. tariffs escalate to their most severe levels yet
- Steak 'n Shake CEO's supposed poor leadership criticism sparks retaliation from Cracker Barrel, accusing him of self-interest
- Hydrogen Energy: Sustainable Innovation or Resource Exploitation?
- Dim outlook for a major energy corporation
