India Industry
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India Industry |
India Industry : At India's independence, industrialization in India was viewed as the engine of growth for the rest of the economy and the supplier of jobs to reduce poverty. By the early 1990s, substantial progress had been made, but industrial growth had failed to live up to expectations. Industrial production increased an average of 6.1 percent in the 1950s, 5.3 percent in the 1960s, and 4.2 percent in the 1970s. The emphasis on large-scale, capital-intensive industries created far fewer jobs than the estimated 10 million annual entrants into the labor force required. Hence unemployment and underemployment remained growing problems in India. In the 1980s, however, industrial production in India rose at an average rate of 6.6 percent. The Indian Government played an important role in industry since independence. In the 1980s and early 1990s, India began increasingly to remove some of the controls on industry. Nevertheless, in the mid-1990s, there were state monopolies for most energy and communications production and services, and the state dominated the steel, nonferrous metal, machine tool, shipbuilding, chemical, fertilizer, paper, and coal industries.
In FY 1992, public enterprises had a turnover of Rs1.7 trillion (see table 24, Appendix). Well over 50 percent of this total was accounted for by ten enterprises, the most important of which were the oil, steel, and coal companies. Public enterprises in aggregate made a net profit after tax of 2.4 percent on capital in FY 1992, but the three oil companies earned 95 percent of these net profits. In fact, 106 of the 233 public companies sustained losses. Some analysts believed that the inefficiency of the public sector in Indian industry was concealed by passing on to consumers the high costs of monopoly products.
India industry
http://commin.nic.in/ - Ministry of Commerce and Industry, Government of India.
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