The Indian economy collapsed in the 19th century as its internal market was penetrated by products manufactured at industrial scale which ruined its craft industries. From independence in 1949 Governments were able to recover the internal market with tariffs and set the basis for industrialization policies. The Green Revolution in the 1970's and liberalization in the 1990's set India on a steady growth path. In recent decades the pace of industrialization has picked up accompanied by massive infrastructure investment. This study looks at the public finances, social policies and the measures needed to continue on the path of rapid progress.