Factors for Industrial Development in A Dynamic World and Indian Advantages

In this global economy, the basic factors of industrialization need to be supplemented by 6 other factors especially skill, innovation and entrepreneurship. Optimal utilization of all these factors need support of a robust Entrepreneurship Eco System (EES). Development of entrepreneurship, MSMEs and skill together with an effective EES received adequate emphasis in FY16 budget. This will be an advantage for India in its efforts towards industrial progress ahead of its competitors. India is also reaping the advantage of declining oil price. It has other advantages like big domestic market and access to a few large regional blocks like SAARC, ASEAN and BRICKS where more and more economic co-operation is forthcoming.