I think that you will get different variations on the same tune. Industrialization is vitally important for India. The reasons for this are going to vary. For me, I would say that one of the most important reasons why industrialization is needed is because of the opportunity provided through jobs. Given India's massive population, as well as its increasing condition, industry is one of the few sectors that can provide jobs to many people. The scale of industry and expansion can meet the needs of a growing population. At the same time, I think that industry is important to India's place in the global economy.
While information technology and other sector development is extremely important, industry allows India to be a producer of goods, enabling it to compete with other nations and develop a revenue stream that will be able to weather market contractions as they occur in the global setting. India is already carving out a niche in the information technology sector, but as already seeing, such a high demand can result in oversaturation. As global economies contract and fluctuate, it is important for India to diversify its creation of economic staples in as many areas as possible, which is where industrialization assists.
Industry can also forge even more partnerships between itself and the West, which can prove useful in diplomatic realms, enhancing the role of India on the world stage, and helping it effectively wage its battles against terrorism. Such partnerships are present in the automotive industry as an example. Finally, I think that industry allows the chasm between urban and rural to be reduced. It is important for Indian modernization to not happen at the expense of one and not the other. In this, industrialization can be developed and wealth generation can happen in both rural and urban settings, of vital importance to India.