Question

What are the economic conditions during the Indian age of industrialization ?
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Answer 1

Answer:

The industrial and economic developments of the Industrial Revolution brought significant social changes. Industrialization resulted in an increase in population and the phenomenon of urbanization, as a growing number of people moved to urban centres in search of employment.

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Answer 2

Answer:

The Second World War, however, opened a new phase in India’s industrial history. As the character of the World War II was different from that of the First, the latter created a far more urgent and intense demand for the rapid growth of India’s basic and key industries. Against the backdrop of this favoured ambience of industrial development and the near-cessation of imports due to war operations, Indian industries somehow came to take pleasure in having a quasi- monopoly situation in the home market.

As a result, not only industrial output of large scale industries expanded significantly, but also a more widening of the industrial diversification became possible during the war-time years. During 1938-39 and 1945-46, the general index of output of all large scale manufacturing activity (at 1938-39 prices) rose from 100 to 161.6 and that of factory employment increased from 100 to 159.

Despite this headway, India’s manufacturing before independence displayed many frailties. Firstly, India did not possess capital goods industries worth the name. This, therefore, hampered her potentiality to reproduce its existing productive capacity. Secondly, import dependence of the Indian manufacturing sector was enormous.

Thirdly, possession of technical skill and institutes offering technical education were virtually negligible. Industrial development is largely conditioned by the stock of ‘human capital’—the stock of scientific and technical cadre. India was still a country denied to grow by the apathetic foreign government.

However, the prospect for industrial development in India after indepen­dence must not be undermined as she had already constructed enough possibilities for industrial development.