The document summarizes the development of industries in British India. It notes that the first Indian entrepreneur to set up a modern textile mill was Ranchhodlal Chotalal in 1861, but the first cotton textile mill was established in 1854 in Mumbai by Parsi entrepreneur Cowasjee Nanabhoy Davar. Dwarkanath Tagore encouraged the formation of joint-stock companies and distinct management practices that kept control local rather than with individuals. The document also provides reasons for the initial lag of commercial communities in entrepreneurship, and increased industrial production during World War I to meet British war needs.