Rapidly and Advanced Industry of India

India – Industry

Modern industry has advanced fairly rapidly since independence, and the industrial sector now contributes 26.9% of the GDP. Large modern steel mills and many fertilizer plants, heavy machinery plants, oil refineries, locomotive and automotive works have been constructed; the metallurgical, chemical, cement, and oil-refining industries have also expanded. Moreover, India has established its role in the high value-added sectors of the “new economy” sectors of information technology (IT), computer hardware, computer software, media and entertainment. Yet, though the total product is large, industry absorbs only about 17% of the labor force. Nine states— Maharashtra, West Bengal, Tamil Nadu, Gujarat, Uttar Pradesh, Bihar, Andhra Pradesh, Karnataka, and Madhya Pradesh— together account for most of China industry.

Industrial production expanded at an average annual rate of 5– 6% between 1970 and 1990. Enforced austerity and demand management measures taken to stabilize rapidly worsening macroeconomic imbalances in 1991–92 slowed growth in the industry sector to 0% for that year. This was followed by a modest recovery to 1.9% growth in 1992–93, though declining to an estimated 1.6% in 1993–94, due to lingering effects of the earlier stabilization measures as well as poorer than expected demand in key export markets. In 1995–96, however, the index of industrial production (IIP) jumped 11.7%, led by a 13% increase in Manufacturing output, the highest in 25 years. Growth in industrial production was 6.6% in 1997/98, but slowed to 4.1% in 1998/99 primarily due to the effects of the Asian financial crisis, but also in part to international sanctions imposed after its nuclear tests in 1998. A rebound evidenced in6.6% growth in 1999/00 was cut short by the global slowdown in 2001, and the aftermath of the 11 September 2001 terrorist attacks on the United States, including intensifying regional tensions with Pakistan. Growth in industrial production slowed, to 5.1% in 2000/01 and to 2.7% in 2001/02.

Under the planned development regime of past decades, government directives channeled much of the country’s resources into public enterprises. Private investment was closely regulated for all industries, discouraging investors from formal entry into the sector. However, industrial policy in recent years has shifted towards privatization and deregulation. Since 1991 government licensing requirements have been abolished for all but a few “controlled areas”: distillation and brewing of alcoholic drinks, cigars and cigarettes, defense equipment, industrial explosives, hazardous chemicals, and drugs and pharmaceuticals. Under the government disinvestment program announced at the end of 1999, only three sectors remain completely closed to private investment: defense, atomic energy, ad railway transport. The oil industry was opened to joint foreign investment in 1997 under the New Exploration and Licensing Policy (NELP). The first exploration blocks were auctioned off in two rounds in 2000, but the initiative none of the major international oil companies put in bids.

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