what does the value of resistance indicates ? On what basis the value of resistance is assigned to a resistor ? How manufacturers are assigning value to the resistor? Is it on the basis of how much amount of current to be flown in a circuit?
By resistance you are actually talking about the Ohmic Resistance of something.
In that paper Georg defined Resistance \$R\$ as a value that relates the amount of current \$I\$ that passes through the device or wire when a given voltage \$V\$ is applied across it.
\$R = V/I\$
Since the value of resistance itself is defined by that very equation, it is clear that resistance dictates the current in a circuit for linear devices.
For non-linear devices like diodes, and more history, read this answer.