Industrial growth is one of the essential drivers for the economic growth of any economy. In this paper, an attempt made to measure the growth rate of the Punjab industry in India during the period of post-liberalization era-spanning 2003-2004 to 2017-2018. The study measures the magnitude and nature of the relationship among different components such as numbers of factories, fixed capital, investment, and profits, Net Value Added. Growth parameters of the manufacturing sector have used for the study. Econometric models, namely, Unit root test and Granger Causality applied in the existing research for analysis. The study shows that there is a strong positive relationship between the growth of the industry in Punjab and growth in India. Economic Reforms and liberalization process fail to bring significant improvements in the performance of the industry in terms of the factors, namely, number of units, employment, production, and fixed investment in Punjab. Finally, the paper also provided recommendations to boost the development of industries in Punjab. Contribution/ Originality: This study contributes in the existing literature and measures the degree and nature of relationship among different parameters related to the growth of the industry in Punjab and growth in India. The study indicates strong positive relationship exists among the growth of the industry in Punjab and growth in India. 1. INTRODUCTION Manufacturing can be a critical indicator of transforming the economic structure of developing countries. Manufacturing acts as a driving force of economic growth as well as on the development of countries (Andreoni and Upadhyaya, 2014). Every nation has to go through its learning procedure. The learning process blends with industrial policy investigation with oppressive influence analysis to develop evidence-based industrial policy measures of the nation. Unido's Industrial Development report, 2013 correctly frame that the manufacturing sector in a world today is an essential driver for the continuous economic and social development of the developing countries. Figure 1 exhibits midyear estimates produced by UNIDO; the figures have shown that the annual growth of world MVA (Manufacturing Value Added) is likely to be around 3.5 percent in 2017.