Industrialization is a very important aspect of a developing economy like India. Many moderate to radical steps have been taken to create a better industrial atmosphere in India. In the decades that followed India's independence, under the leadership of some courageous visionaries, India had embarked on pro-socialist economic development. Many large industries like Steel Authority of India Limited (SAIL), Bharat Heavy Electricals Limited (BHEL), Oil and Natural Gas Corporation (ONGC), National Thermal Power Corporation (NTPC), Indian Railways, Indian Airlines, Port Trust of India (PTI ), the Indian Space Research Organization (ISRO) etc. they were undertaken as purely public sector industries. There were also some strong private sector industries like TATA, Birla, Godrej, Bajaj etc. We can see most of these industries doing thriving business even today. While these industries have formed a solid foundation for today's Indian industrial environment, these too have suffered from several drawbacks. To name a few: lack of modern and efficient technologies, slowing productivity, stagnation, corruption and unbalanced industrial development. After the strong economic blow of 1989-90, to help the economy recover from the slowdown, India embarked on the path of liberalization, privatization and globalization, on the initiative of the current Indian Prime Minister, Dr. Manmohan Singh. Since then, the Indian economy has shown a steady increase in GDP. And, today, the country is seen as a major emerging economy of the future world. India's industrial sector can in turn be divided into three sectors: primary, secondary and tertiary. The primary sector refers to those industries that take inputs from future prosperity and are often reluctant to give up their lands to industrialization. There are also issues of corruption and lethargy in the corporate work culture that pervades Indian industries. There is also a lack of investment in research and development across all industrial sectors. Therefore, if industrialization has to become the backbone of the economy, India still has a long way to go to achieve excellence. With the current growth of industries in India, we can say that there is a need to adopt a more holistic approach towards overall industrial development. Foreign and domestic entrepreneurs, large and small, must be encouraged to invest in industrial development in all parts of the country and in all industrial sectors. Once India succeeds in doing so, we can truly see “India – the new superpower” within a few decades.