The note discusses the objectives and instruments and developments pertaining to industrial policy, and performance of the industrial sector in India during the last 40 years. In particular, it reviews policies concerning the public sector, licensing, large industrial houses, foreign investment and technology transfer, small-scale sector, location, price and distribution, and sick units and exit. The performance is evaluated with regard to overall industrial development, diversification, geographical spread, size distribution, public sector participation, and foreign investment and collaboration. Since the subject matter is rather vast, only important policy initiatives have been covered, and only a selected few performance indicators have been examined.