Vol. 3, Issue 12, Part I (2017)

Abstract
India\'s GDP experienced a\r\ntemporary decline in the last two quarters of 2016-17 and the first quarter of\r\n2017-18 due to demonetization and initial challenges in GST implementation.\r\nSince August 2017, economic activity has started to stabilize. GDP growth for\r\nIndia is expected to be 6.7 percent in 2017-18 and is anticipated to accelerate\r\nto 7.3 percent thereafter. This paper offers a detailed analysis of\r\nIndia\'s industrial growth since independence, delineating three distinct\r\nphases: 1948–1980 marked by increased state intervention; 1980–1991 as a\r\ntransitional period towards reforms; and 1991–till now characterized by\r\nextensive market-oriented policies. Each phase is examined for major policy\r\nshifts, exploring their reasons for adoption. The paper also assesses\r\nindustrial performance during each period and provides a comprehensive review\r\nof scholarly evaluations from diverse perspectives. The review concludes with a\r\nbalanced perspective on India\'s industrial policy outcomes and offers\r\nrecommendations for the future.