In post-independence era industrial sector plays a vital role in the development of Indian economy. The industrial policy resolution in 1948 was the breakthrough in the series. The Indian Government had commenced few policy reforms after that, but the most radical changes have occurred since 1991. It liberalized the industrial policy itself and deregulated the industrial sector substantively. Even if amendment and reform in 1991 were motivated by economic obligations, it was the political process that made these possible. Economic processes are universally political and to operate they necessitate political conditions, both at state and local level. This paper attempts to present the politics of industrial development after independence in India. It helps to understand that since development is a process, it cannot be reduced to any policy goal or trends. For a better understanding of the processes, it investigates India’s industrial development politically rather than economically by dividing that into different economic phases.