Process of Industrialization in India Essay
Meaning of Industrialization
The term "industry" refers mainly to manufacturing activity. Agriculture, mining, and most other services are excluded from it. The term "industrialization” literally means the growth of manufacturing industry. It is thus a part of the much broader process of economic development which involves the raising of standard of living, through a steady increase in the efficiency of factors of production. India is a developing country. Economic development here must basically mean raising the productivity of agricultural workers. After a certain stage of development, however, it may become more profitable to transfer the surplus labor to their gainful employments as …show more content…
The First World War afforded only temporary gains to a few established industries.
(4) Between the two Wars (1918-1939):-
Under the Reforms Act 1919, industry became a provincial subject. The policy of discrimination protection adopted in 1922 on the recommendation of the Indian fiscal commission considerably helped the Indian industries. Between 1922 and 1939 the production of cotton piece goods more than doubled, that the steel ingots increased 8 times and of paper 2.5 times. The grant of protection to the sugar industry in 1931-32 helped its development considerably so that between 1932 and 1936 the country became self-reliant in sugar. The Indian jute industry, the most important earner of foreign money, lost markets abroad during the years of world-wide economic depression in 1929-32 inasmuch as many countries had produced substitutes of jute for making gunnies and hessians in order to avoid purchase of such goods at a higher price from India. The Bengal Jute Enquiry Committee was appointed by the then Bengal Government under the chairmanship of Mr. R. S Finlow, in 1934 for investigating the problems of the jute industry and for exploring avenues for marketing jute products in the country. The committee submitted its report in April 1937. But the recommendations of the Committee could not be