Kerala presents sufficient potential for much faster economic development through rapid industrialisation in the context of the globalised world and knowledge society; provided there is a change in the mindset of the people, Government, political parties, civil society and the media. The prospects for Kerala’s industrial development depend largely upon the willingness on the part of the policymakers to accept realism with a pragmatic approach. It can be observed that some sort of customised and industry-specific policy measures that could endeavour in reaching its objectives through state-of-the-art industrial infrastructure, encouraging eco-friendly enterprises, strengthening the MSMEs, inculcating entrepreneurship development, enhancing skills, simplification of rules and procedures, etc. must be initiated with a clear cut vision, objectives, and strategy so as to transform the State into a vibrant industrial and entrepreneurial society with faster, inclusive, and sustainable economic growth. It is in the context the paper attempts to explore the dynamics of Kerala’s industrial development in terms of certain emerging spheres and practices.