1.1 Introduction
Industrialization commenced in earnest only after the independence in 1947. From a predominantly agrarian economy, India has moved towards rapid industrialization with the state retaining the privilege of entrepreneurship an authority in a system of mixed economy. For four decades, the focus had been on the public sector, which was perceived as a means of achieving industrial growth with social justice.
It was Pandit Jawaharlal Nehru the 1st prime minister of independent India, who laid the foundation of a strong industrial base for the country. It was he who should be given the chief credit for fostering the creation of a rich scientific and technological pool by which the country is benefiting today. During his time many dams were built such as the one at Bhakra Nangal. In the mixed economy followed during that period as per his brand of socialist ideology, in which both the public and private sectors were given the scope and the opportunities to grow. The private sector was allowed to function along with public enterprises, but under the control of the government with strict licensing and supervision. Initially, this led to a rapid industrialization with large capital-intensive industries in the public sectors. A number of state owned industrial enterprises were established in various sectors - In steel, power, heavy engineering etc. It cannot be denied that much of the industrial and scientific advance achieved by India of which are proudly boasted today owe a lot to his foresight and vision. He called all theses projects ¡§The Temples of Modern India¡¨ that would bring about the country¡¦s progress and prosperity.
But unfortunately many of the state owned and run enterprises in various sectors did not function successfully and satisf ...