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Synopsis Sri Lanka has been struggling to become an industrial nation over the last half century. State capital, domestic private capital and foreign capital have played different roles individually, each in their own way. There was no collectivity among them for achieving the common national objective. In countries, which were successful in achieving their national objectives, the above tripod seems to have performed as an alliance in achieving the common goal. Sri Lanka has every potential for industrial development. What it requires is the collective action of the above factors. The non-economic elements become hostile to private industrial investment by disturbing the business climate. Sri Lanka has to promote a favourable investment climate, which is a sine qua non for fast industrial development. This book describes the ups and downs of the industrial path of Sri Lanka over the last half century paying special attention to policy shifts and their consequences.