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Industrialization is very important in India, it would help india in many ways. First of all it would create more better jobs for its citizens. India seems to have lots of talent and man power but can't use it. India also has lots of space available for industrial use and needs to occupy it.
There is something to be said for the industrial revolution coming to India. I am sure some people are benefiting. However, the vast majority of the poor in that country do not even have rudimentary skills that might be needed in that sort of society. However, I am not sure what could be done to make things better for them except starting to teach these kinds of skills from an early age and letting progress come in a couple of decades.