Give a critical account of the progress of industries during the initial three five year plans. To what extent these plans set the stage for long- run economic growth in the country. Examine.
During the initial three five year plans, a strong industrial base developed and India learned focusing on industries other than that of consumer goods.
Public industries got tremendous policy support and immerged as a major giant in many sectors. Great developments in the industrial infrastructure including transport, communication, roads, dams, bridges, generation of power etc. took place during the period.
There remained huge gap between targets and achievements. Regional imbalance and monopolistic growth hampered the sustainable growth. Small scale industries, which were responsible for maximum employment were neglected and went remained downtrodden.