Sustainable Development Goals (SDGs) serve as guideposts fo r both developed and developing countries. There are as many as 17 goals along with 169 targets in its umbrella to be achieved by 2030 alongwith three dimensions o f sustainable development in the world economy. In such economic, social, and environmental concerns o f the world, India has the pledge to fulfil this mandate o f the UN. However, the role and nature o f economic growth in terms o f intensity o f factors o f production are pivotal not only fo r achieving these goals, but also addressing distributional aspects o f national income across socio-economic groups o f the nation. Following the policy shift in early 1990s, India has achieved a brief phase o f high economic growth but with rising income inequality. It has allegedly been created insecure employment and wages differential across sectors and sub-sectors o f the economy. This paper attempts to delve deeper into the issue o f decent work, stagnation o f manufacturing sector, and failure o f inclusive growth in the past seventy years o f planned development and about three decades o f market-led growth in India. Based on the ASI data fo r 2-digit industry classification, the manufacturing industry shows signs o f pre-matured de-industrialisation in India since mid-1980s onwards. This does not auger well fo r generating decent work and inclusive growth. In the light o f SDGs, we argue that unless industrial policy framework addresses manufacturing sector earnestly by providing incentives fo r innovation, and entrepreneurship, catalyse development o f Human Capital by investing in the public education and skill development on sustainable basis, goal o f inclusive growth will remain elusive as usual.