| Since industrialization is crucial to socio-economic growth, it is seen as the foundation of both developed and developing nations. In Himachal Pradesh, special incentives and packages are occasionally provided to encourage business development and mould the industrial infrastructure. Around 16% of the state's GDP is contributed by the pharmaceutical, horticulture, agro, food/fruit processing, textile, tourism, light engineering, cement, hydro-energy, and other industries. The goal of the current study is to investigate how industrialization has impacted Himachal Pradesh's socio-economic development. For this objective, 27 variables related to the socio-economic effects of industrialization were rated on a five-point scale and then subjected to descriptive statistical analysis and factor analysis. Eight significant components were found by factor analysis among the twenty-seven variables, including self-sustaining development, umbrella benefits, commuting factor, structural change, facilitators, professionalism, convenience, and equipment development. The investigation showed that industrialization, by encouraging self-sufficiency, plays a significant influence in socioeconomic advancement. An upgraded infrastructure, a steady supply of consumer and intermediate goods, industrial goods, and public amenities could serve as proof of this. Additionally, as a sector of an economy grew, complex equipment was adopted not just by major farmers but also by small farmers and businesses. |
