The indicators given in the above table show that the less developed countries are still not as modern as the advanced countries are and they are struggling to be modern. There is a large gap in industrialization, urbanization, income, fertility rate, transparency, and participation between the developed and the developing countries. During much of 19th century and early 20th century Indian leaders created the belief that modernization is the panacea for all socio-economic, political and religious problems of India. They also conveyed that due to obstructive, colonial policies of the Englishmen India lacked the advantage of modernization. Thus independence of the nation was also portrayed as the hope of modernization. Nobody, however, knew clearly how modernization would solve problems of traditional and agrarian society of India and whether the benefits of industrialization and modernization would necessarily trickle down to poor households? No one anticipated that the decline in headcount ratio of poverty may also go with constancy or increase in the number of poor people (Aiyar, 2011). As said above, the term modernization has several dimensions – economic, social and psychological. The following sections explain the different facets of modernization.