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What is industrialization and what are its benefits? Briefly explain the beginning of modern industry in India.

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The process of transformation in chemical and physical properties of substances (obtained from agriculture and mining) is called industry. Industry is an important link in the pillars of modern economy. Industry creates employment and develops the trade and related economic components. Thus, industry facilitates the growth of economy. Industrialization in India began with establishment of cotton textiles industry in Bombay in 1845 and of jute industry in Calcutta in 1855. These were the only industries which developed in India till the First World War. The first industrial policy was implemented in 1948 after the independence. The industrial policy stressed on employment generation, reduction of regional imbalance, improvement of availability of capital and raw materials, improvement in technology so that better products could be made at low cost. The Planning Commission facilitated the road towards progress. Through Five Year Plans the Planning Commission facilitated the development of iron and steel industry, cotton textiles, cement industry, paper industry and sugar industry.

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