The paper attempts to analyse the course of development in the manufacturing sector of Bangladesh over the past three decades. Two distinct time periods, viz, pre-liberation and post-liberation periods, are distinguished for the purpose of analysis. The paper identifies the basic philosophies behind the industrialisation strategies in the two periods and analyses the manner in which actual policies pursued have been shaped by these philosophies as well as the impact of these policies on the achievements and failures of this sector. Some policy suggestions are made with respect to certain major weaknesses of this sector being felt at present. The paper concludes with some observations on the kind of general socio-political changes that would be required in order to develop a viable manufacturing sector which will also be best equipped to serve the interests of the common people.