The Growth Of India Needs A Strong Manufacturing Base For Its Long Term Progress

In 1960, West Bengal has been amongst the 3 richest states of India. Being a British capital of those times it has a strong manufacturing tradition. During the colonial period, West Bengal was one of the leading states having the highest contribution to nation’s industrial output and employment and continued this trend till the 1960’s.Post 1960, the state started losing its prominence and witnessed reduced productivity and labour militancy on a grand scale. This trend continued till the late 90’s, but the turning point came after 2000 where there has been a resurgence in the state’s industrial sector. Economic reforms and competition among states have led to renewed interest of Business groups in investing in West Bengal. This revival is evident from the upward trend

When accessing the business potential in India, certain barriers should be examined. The infrastructure is underdeveloped in electrical power, streets and highways and telecommunications (Sridhar, 2014). The Trade Union Act of 1926, The industrial Disputes Act of 1947 and The Contract Labor (Regulation & Abolition) Act, 1970 are three of the labor enactments which hinder capabilities of Indian Organizations. For example, for a company that employs over 100 people, The Industrial Labor Law requires the employer to seek approval from state officials to lay off staff members. Furthermore, the corporate tax rate for foreign corporation’s averages 40%, while for domestic corporation’s averages 35%. Tariff regulations in India are complicated. The attempts to introduce improvement sometimes leads to inconsistent enforcement from members of the tariff authority (Sridhar, 2014).

India represents a complex mix of exotic images and prosaic realities. Exotic images of India encompass elephants and monkeys, curry and naan, bindis and Bollywood. The prosaic realities of India focus on the third-world poverty, the prevalence of outsourcing, and its geo-political location in Asia. However, India has cultivated a thriving, modern business presence, and it is poised to become a global financial juggernaut in the next fifteen years. Over the last two decades, India has experienced marked economic and industrial growth in its own country as well as the global community. The rise of India will have a significant impact, not only on the U.S. economy, but

One can get the measure of India’s resurgent economy from the fact that the world GDP growth is around 4 per cent. For advanced countries, the growth rate is around 3.5 per cent, while India is maintaining its GDP growth

Industrial policy can vary depending upon the ruling party: BJP since it formed the government has been a boisterous, economy driving, business

During the last 2 years or so, India has been a victim of Global recession. It caused huge losses to the companies, leaving many as jobless. It further increased the rate of unemployment and made them as bankrupts in the society.

The economy in India comprises modern agriculture, village farming, handicrafts, a wide range of modern industries, and a multitude of support services. Foreign trade and investment, privatization of domestic output has proceeded slowly as the government control has been reduced. The average growth rate of the economy has posted with 6% since 1990. The poverty has reduced by about 10 percentage points. In India there are a large number of well-educated people skilled in the English language, who's becoming a major exporter of software services and software workers. At the moment e.g. the World Bank worries about the continuing public-sector budget deficit, which is running at about 9% of GDP. A big economic and environmental problem is the huge and growing population.

The exposition of the IT is also a contributor towards this. The Gandhian morality of not showcasing your wealth no longer holds true when a certain business man in Mumbai builds a 27 storied building for a family of 5. The economic prowess of the nation is hence showcased by such successful entrepreneurs. The height of the positives of economic reforms took place when India can acheievd a growth rate of 9% in 2007 . Today India is known as among the 10 largest economies of the world.

According to the Planning Commission report in 2012, the labor force in India is expected to swell by more than 30% during the next 20 years, compared to a decline of 4.0% in industrialized nations and by around 5.0% in China. The strong growth of the working age population is expected to provide significant and sustained impetus to economic growth.

Nevertheless, Indian government is trying its level best to tackle these problems. Efforts are under way to get the private sector involved in building world class infrastructure. The skill shortage, too, is being addressed. The literacy rate is rising quickly. Among 15-24 years old, it is over 80%. In an attempt to curb corruption and make India more business friendly, several reforms are being introduced. All these corrective efforts coupled with the favorable factors will ensure that India will be able to sustain its current economic growth rate.

The Indian economy provides a revealing contrast between how individuals react under a government-controlled environment and how they respond to a market-based environment. Evidence suggests that recent market reforms that encouraged individual enterprise have led to higher economic growth in that country. India can generate additional economic growth by fostering entrepreneurial activity within its borders. To pursue further the entrepreneurial approach to economic growth, India must now provide opportunities for (1) education directed specifically at entrepreneurial skills, (2) financing of entrepreneurial

On 15th august ,1947 when the transfer of power took place , we became the masters of our own destiny but scars that British policies had left on our economic , social and political life were still afresh and we would be haunted by those wounds long after we got independence. The transfer of power was not a single day event but a slow transition whose repercussions were to be felt long after. While India was reeling under large scale migration and communal riots across the countries, a very important and fierce debate among political and business leaders regarding economic future of India was also in process. It was undoubtedly a hard time for our leaders and they acted in larger interest of people of our country. The

Secondly, power poses the next hindrance for the Industrial Sector. The issues related to power should be resolved as early as possible in the near future. Lack of power is a big hurdle to the running of industries. Many states like Tamilnadu, Uttar Pradesh, Bihar have power constraints. Apparently, the situation has been taken care of in Gujarat and this clearly shows how Gujarat has emerged as the fastest growing state economy in India.

Now a day’s entrepreneurship is playing an excellent role in boosting up the Indian economy by working as driving force in the market. Many young entrepreneurs are coming forward and setting up their ventures in different parts of India. These initiatives are opening the way for plenty of jobs for the young jobseekers which is prime necessity for the development of any economy like India. (Quote this by current unemployment data).

Government of India understood the need to formulate a scheme for achieving the balanced regional growth and for the development of the economy. To rejuvenate and to develop the existing industries once again, Government of India launched the first Industrial Policy, 1948 this policy was revised from time to time (Kuchhal1963). After some times, the Government came forward with the Industries (Development and Regulation) Act, 1957. But the main change had been noticed after the adoption of planning commission in 1951. In the first five year plan (195-1956) the Community Development Program was launched (1952) and focus was given on power and transport facilities, agriculture and price stability, this initiative had