Due to rapid industrialization, with high population density and constraints of land, it is expected that level of risks arising from the hazardous industries will increase in India in the coming decades. However, 30 years after the Bhopal accident (1984), except a few discrete regulations, there is as yet no integrated system for assessing and managing risks arising out of these hazardous industries in India. The gravity of aspects related to the management of industrial risk still remains crucially important. In particular, there is no standard guideline on risk analysis methodology, acceptability or tolerability criteria, nor is there an accident database or a risk reduction strategy for the areas where risk levels are already high. On top of this, there are technical and legislative gaps in the institutional framework to implement any of the above mentioned issues. With the backdrop of the Bhopal gas tragedy, the objective of this paper is therefore to evaluate the effectiveness of a comprehensive risk assessment framework for the emerging economy of India, in order to control and/or to reduce the risk level that exists. In this context, regulations and policies pertaining to industrial risk assessment were reviewed. (C) 2015 Elsevier Ltd. All rights reserved.