Serbian industry is going through a difficult transformation period. The no restructured and inefficient industrial system is facing global recession, the deepest one for the past 60 years. The crisis-laden 2009 annulled the entire transition contribution manufacturing industry had made to economic growth, the share of 12% in GDP being the lowest in the region. Consequently, macroeconomic vulnerability indicators strengthened. The golden period of the economic growth model based on the inflow of foreign capital is behind us. Particularly serious are those effects transition has made on the key development resource which is most difficult to regenerate - human capital. Namely, restructuring of manufacturing industry largely boiled down to rationalization of industrial workers, i.e. reduction of 'redundant employees'. The transformation model of economic growth in the long run will hinge on dynamics of structural changes in manufacturing industry, boosted investment efficiency, and faster sector reallocation of the growth factors towards propulsive and export-competitive industrial sub-sectors. All transition economies that are successfully developing have developed strategic plans of economic development. 'Development needs to be planned, it must be managed'. The industrial policy entails strategic operating of the country, and that by means of a series of managing mechanisms (measures and instruments), in the field of regulation of the economic environment created by the government for the purpose of achieving its strategic development objectives. Industrial policy objectives are derived from the very concept of development, which is to mean from the core project of development of a society.