Why was there a need for …

The industrial development pattern on the eve of Independence was characterised by the following elements:

1. The industrial growth was lopsided, in the sense that consumer goods industry was not adequately supported by the capital goods industry.
2. No priority was given for the development of basic and heavy industries. Tata Iron and Steel Corporation (TISCO) established in 1907, was the only basic industry in India.
3. The public sector enterprises such as railways, power, post and telegraph were confined to areas which would enlarge the size of market for British products in India.
4. The pattern of development in the industrial sector was lopsided and was dominated by the presence of small industries (31%) and large industries (43%), but very few medium industries.