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Synopsis India's reindustrialization during the past six or seven decades, reversing the trends of the previous two centuries, has already acquired substantive capabilities and momentum now.  overall economic growth has averaged over 6 per cent during the past two decades; and the share of industry in the total gross domestic product (GDP), which has already increased from the paltry figure of around 12 per cent in the small quantum that the 1950 GDP represented, to 27 per cent of the much larger DGP now, is expected to go up to 35 per cent by 2020.  This has to be seen in the context of India overtaking the Japanese economy, sooner rather than later, and becoming the third largest economy in the world on PPP (Purchasing power Parity) basis, after the United States and the People's Republic of China (PRC).