Abstract
This paper tries to explore the relation between industry and livelihood of surrounding rural areas. In many literatures, so far reviewed; a mixed impact of industrialization on different livelihood assets, viz., financial capital, physical capital, natural capital, human capital and social capital is observed. Further, these assets have also been found interlinked. Achievements in one livelihood asset due to industrialization affect the other components of livelihood assets, positively or adversely. Due to such linkages amongst the livelihood assets, achieving sustainable livelihood outcomes from industrial development is a challenge.
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