Ranade on Industrialization

 Ranade on Industrialization

India was a land of poor people. Excessive reliance upon agriculture was the cause of this poverty. Therefore Ranade argued that the poverty of the Indian masses could not be eradicated except through industrialization. However, India was a backward country and in an underdeveloped economy like India, industrialization could not take place on the basis of individual initiative. The state had to play a positive role by setting up state owned industries in key areas. The state had to initiate the change because agriculture in India was getting "ruralized" and "depressed". It was only through industrialization that this depression could be overcome.

Ranade was in favour of an integrated scheme of national economic development. Agriculture, trade and industry were the three organs of economy and Ranade held that they should be properly and harmoniously developed. The key to modernization of economy was industrialization