The industrial scenario in Assam is dominated by two major industries oil & natural gas and tea. The oil and natural gas industry is government controlled. The tea industry in Assam , which accounts for around 50% of the country's total tea production, is mainly controlled by large, private companies. Both the sectors have made considerable progress over the years and are way head of other industries in the state. Besides these two industries, the other important industry in the state is mining of coal and limestone.

The history of industrialization of Assam dates back to the beginning of the nineteenth century when the country's first petroleum refinery was set up by the British at Digboi in Upper Assam . After tea and petroleum came the plywood industries. With the advent of independence, the trade began to witness participation by the Indians. This phase saw smaller saw mills, flour mills, rice mills, oil expeller units, confectioneries etc. and enjoyed the patronage of the entrepreneurs. Then came a few central sector projects like, Guwahati Refinery, Bokajan Cement factory, Oil India Ltd., ONGC Ltd., HFC Ltd., HPC Ltd., Bongaigaon Refinery and Petrochemical project and more recently Numaligarh Refinery etc. as a result of economic planning in India . The state government also chipped in the process by promoting a few large industries in pulp and paper, petrochemicals, fertilizer, sugar and textile sector. In between there have been a sizable number of small scale units. More recently a good number of medium scale projects too have come up particularly with the support of State level financial Institutions.

The Government of Assam formulated the Industrial Policy resolution of 1997 with the experience of implementation of Industrial Policies declared by them in 1982, 1986 and 1991. The Industrial Policy was to provide an effective thrust to expeditious promotion and growth of all industries with a view to creating a strong industrial base and employment opportunities in various directions.