India’s industrial policy: The role of human capital

The aim of the study is to study the transformation of India’s industrial policy and the changing role of human capital during its implementation and transition to a model of selfsustaining economic growth. Since 1947, India’s industrial policy has undergone several significant rotations, while a number of provisions remain relevant today, simultaneously affecting and strengthening the role of human capital. One of the key problems considered in the work is the very high share of unorganized business, which employs, according to various estimates, from 90 to 93 % of the total workforce, which entails both social and economic problems. The methodological basis of the research consists of traditional methods used in this type of work, namely: methods of retrospective, induction, deduction, comparison. The industrial policy implemented in the country since 1948 and its transformation were accompanied by mixed results, not only in terms of economic indicators, but also social ones. The main result of the country’s industrialization was the fact that India was faced with a population explosion, and a serious discrepancy between structural changes in output and employment structure - agriculture still employs the overwhelming share of the country’s population, while the share of the agricultural sector in the structure of GDP is about 15 %. Informal employment remains one of the most significant problems in the Indian market. Despite a number of developed and implemented programs for the transition of workers from informal forms to regular jobs, significant changes have not occurred.