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Industries and Services have acted as twin engines propelling overall growth in an economy. They are attracting large inflow of capital and foreign investments into the country from all over the world. They play a vital role in accelerating socio-economic development of a nation, thereby providing several categories of goods and services (both tangible and intangible) and catering to the diverse needs of the masses. These sectors are the largest generator of employment opportunities in the country and a facilitator of trade and commerce with other countries. In other words, besides agriculture, they are the basis of almost all the major policy initiatives, incentives and schemes as well as programmes and plans, both at the National and the State level.

The industrial sector majorly consisting of heavy and light engineering, steel, automotive, biotechnology, drugs and pharmaceuticals, food processing, mines and minerals, fertilizers, etc. provide immense potential for developing adequate market infrastructure in the economy. These industries are involved in production of several good quality and skill intensive products, in bulk quantities and at much reasonable prices. They are governed and administered by their respective Ministries/ Departments. However, the 'Department of Industrial Policy and Promotion (DIPP)', under the Ministry of Commerce and Industry, is the main agency for monitoring the entire industrial growth and production in general. It plans for modernization and technological upgradation of the Indian industry in order to keep pace with the international developments in industrial technology on a continuing basis. It also studies, assesses and forecasts the need for technological development in some specific industrial sectors like cement, light engineering sectors, etc. DIPP has been announcing industrial policy, from time to time, to foster and facilitate the growth of Indian industry. Such policy framework set certain limits and norms for the conduct of business in the country.

Services sector has always been an attractive investment option for the corporate world. It has facilitated the creation of several infrastructural facilities in the country as well as enhanced the productivity of various industries. It not only helps in economic upliftment of the society, but also promote political and social well-being among the masses. The service industry comprising of information technology (IT), education, health, media, tourism, etc. helps to shape the people's opinion about various national and international issues as well as increase their awareness by giving them participative role in formulation of policies/ schemes/ programmes/ plans . In other words, a country cannot achieve a higher growth rate without a larger proportion of services in gross domestic product (GDP). Accordingly, the concerned authorities have been making all efforts to strengthen the pace of development of the sector in a sustainable manner.

An important segment of Indian industrial set up has been the micro, small and medium enterprises (MSMEs), which have been accepted worldwide for promoting equitable growth in the economy. The 'Ministry of Micro, Small and Medium Enterprises' is responsible for overall development of India's small and medium sectors. It has accorded the sectors a top most priority and have, accordingly, undertaken several policy initiatives for protecting their interest such as reservation of items for exclusive manufacture by them. The major advantages of the industry are its labour intensive nature, generating highest rates of employment growth as well as production at low capital cost. MSMEs, constituting larger number of total enterprises in the economy, account for a major share of industrial production and exports.

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