Industry is the backbone of a country’s economy. Industry is a commercial activity. The British rulers did not encourage industrialization during their rule. After independence, there was an urgent need of increasing the national wealth. The Government favored the policy of mixed economy. Some industries were set in the public sector; others were left to the private sector. Industry in India is divided into large scale and small scale industries. The industrial growth has been slow over the years. India has been facing industrial sickness since the early 70s. The Government is undertaking steps through the Five Year Plans to speed up industrialization. The New Industrial Policy of 1991 liberalized the economy. Planners have envisioned India has a developed nation by 2020.