Understanding strongly correlated systems driven out of equilibrium is a challenging task necessitating the simultaneous treatment of quantum mechanics, dynamical constraints and strong interactions. A Mott insulator subjected to a uniform and static electric field is prototypical, raising key questions such as the fate of Bloch oscillations with increasing correlation strength, the approach to a steady state DC transport regime and the role of dissipation in it, and electric field driven phase transitions. Despite tremendous efforts over the last decade employing various numerical and analytical approaches, the manner in which a nonequilibrium steady state gets established has remained an unresolved problem. We develop here an effective large-N Keldysh field theory for studying nonequilibrium transport in a regular one-dimensional dissipative Mott insulator system subjected to a uniform electric field. Upon abruptly turning on the electric field (a quench), a transient oscillatory current response reminiscent of Bloch oscillations is found. In the regime of small tunneling conductance the amplitude of these oscillations, over a large time window, decreases as an inverse square power-law in time, ultimately going over to an exponential decay beyond a large characteristic time τ d that increases with N . Such a relaxation to a steady state DC response is absent in the dissipation free Hubbard chain at half filling. The steady state current at small fields is governed by large distance cotunneling, a process absent in the equilibrium counterpart.The low-field DC current has a Landau-Zener-Schwinger form but qualitatively differs from the expression for pair-production probability for the dissipation free counterpart. The breakdown of perturbation theory in the Mott phase possibly signals a nonequilibrium phase transition to a metallic phase. Our study sheds light on the approach of a driven, dissipative strongly correlated system to a nonequilibrium steady state and also provides a general analytic microscopic framework for understanding other nonequilibrium phenomena in these systems.