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. 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 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.