There are 3 kinds of industrializations :
1. Industrialization by the state as in socialist countries. This benefits the masses the most
2. Industrialization by the indigenous industrialists, as in England, France, Germany, Japan, U.S.A. etc. This also benefits the people to some extent, though it mainly benefits the industrialists.
3. Industrialization by the foreign powers, as was done to some extent by the British when India was their colony. This does not benefit the masses at all, but rather impoverishes them, and it only benefits the foreign rulers by giving them super profits, but ruining our domestic industries in the process.
The policy being pursued by the present Indian government, e.g. by inviting foreign investments and giving concessions to foreign businessmen, is of the third type