History informs us that most of the economies of the world that were able to sustain long-term and consistent higher rates of growth, and were able to transform themselves from the status of underdeveloped to developed economies, have experienced revolution in their manufacturing sector. The revolutionary changes that occurred took place during what is known as the Industrial Revolution. Development in the manufacturing sector provides conditions, when economies develop capability to create unlimited amounts of wealth. The indian manufacturing sector also facilitates the transfer of manpower from farming to manufacturing. The transfer of manpower results in higher standards of living. It is now being increasingly realized that the nature of development and efficiency of other sectors also depends on the level of growth of the manufacturing sector of the economy. It is due to these important historical facts, that in the literature on economics of development, industrialization and development have become coterminous.