Performance of Textile Industry in Industrialisation: a Study with Reference to India

6337 Words Dec 7th, 2015 26 Pages
PERFORMANCE OF TEXTILE INDUSTRY IN INDUSTRIALISATION: A STUDY WITH REFERENCE TO INDIA

INTRODUCTION
Prosperity of any nation is extremely difficult without industrial development – is a well established truth for all the economies – developing or developed. Economic development and industrialization have became so closely integrated with each other that progress of an economy is now accessed from the success it has achieved in transformation from agricultural set up into a industrial set up. Through industrialization a situation is created whereby many industries are set up rapidly and ultimately backward areas are converted into economically developed areas and backward economies into developed economies. Industrialization, infact is a
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The New Industrial Policy of 1991, infact, was a part of structural reforms introduced which was to change the entire outlook towards the industrial development so that Indian industry is made efficient as well as globally competitive. Under atmosphere of economic reforms, broad changes were introduced. 1

1 Thakur, Babita & Sharma, Vinod Kumar. (2012). “Had Economic Reforms had an Impact on India’s Industrial Sector?”, Journal Of Humanities And Social Science (JHSS) ISSN: 2279-0837, ISBN: 2279-0845. Volume 4, Issue 2 (Nov. - Dec. 2012), PP 01-07.
The major policy changes initiated in the industrial sector were:-abolition of Industrial licensing, monopolistic and restrictive Trade Practice limit, free entry to foreign investment and technology, industrial location policy liberalized, removal of mandatory convertible clause, free import of capital goods, deregulation in small scale industrial units. The main aim of this policy was to unshackle the country's indus¬trial economy from the cobwebs of unnecessary bureaucratic control, introduce liberalization with a view to integrate the Indian economy with the world economy.2
The textile sector accounting for a significant portion in industrialization of the country and plays a vital role in the nation’s economy, both in regard to employment

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