What is the main objectives of India’s new industrial policy?
The New Industrial Policy seeks to provide greater government support to the small-scale industries so that they may grow rapidly under environment of economic efficiency and technological upgradation.
What is the new industrial policy of 1991?
The 1991 policy made ‘Licence, Permit and Quota Raj’ a thing of the past. It attempted to liberalise the economy by removing bureaucratic hurdles in industrial growth. Limited role of Public sector reduced the burden of the Government.
Which industrial policy is known as the new industrial policy?
Industrial Policy Resolution of 1956 (IPR 1956) is a resolution adopted by the Indian parliament in April 1956. It was the second comprehensive statement on industrial development of India after the Industrial Policy of 1948.
What are the industrial policies in India since independence?
The features of NIP, 1991 are as follows:
- Public sector de-reservation and privatization of the public sector through disinvestment.
- Industrial licensing.
- Amendments to Monopolies and Restrictive Trade Practices (MRTP) Act, 1969.
- Liberalized Foreign Investment Policy.
- Foreign Technology Agreements (FTA).
When was the New industrial policy announced in India?
New Industrial Policy During Economic Reforms of 1991
The long-awaited liberalised industrial policy was announced by the Government of India in 1991 in the midst of severe economic instability in the country.
What are the aims of industrial policy?
The main objectives of the Industrial Policy of the Government are (i) to maintain a sustained growth in productivity;(ii) to enhance gainful employment;(iii) to achieve optimal utilisation of human resources; (iv) to attain international competitiveness; and (v) to transform India into a major partner and player in …
What is the importance of industrial policy?
The main objective of any industrial policy is to augment the industrial production and thereby enhance the industrial growth which leads to economic growth by optimum utilization of resources; modernization; balanced industrial development; balanced regional development (by providing concessions for industrial …
What is meant by industrial policy?
Industrial Policy is defined as the strategic effort by the state to encourage economic transformation, i.e. the shift from lower to higher productivity activities, between or within sectors. … To be effective, its design and implementation needs to take into account both a government’s capabilities and political will.
Who announced industrial policy 1977?
INDUSTRIAL POLICY 1977
In 1977 a new industrial policy was announced by George Fernandez the then union industry minister in the parliament. The features of this policy are as follows: 1. Target on development of small scale industries: Main focus of this policy was development of small and tiny industries.
Who gave IPR 1948?
On April 30, 1948, the Government of India passed a policy resolution – The Industrial Policy Resolution, 1948 (IPR, 1948). It divided the industrial sector into four broad groups: Group 1 – Basic and strategic industries like arms and ammunition, atomic energy, railways, etc.
WHO announced new industrial policy 1991?
Former Prime Minister Manmohan Singh is considered to be the father of New Economic Policy (NEP) of India. Manmohan Singh introduced the NEP on July 24,1991.
Which of the following is industrial policy?
Industrial policies are interventionist measures typical of mixed economy countries. … Traditional examples of industrial policy include subsidizing export industries and import-substitution-industrialization (ISI), where trade barriers are temporarily imposed on some key sectors, such as manufacturing.
Which was the last Five Year Plan in India?
12th Five Year Plan of the Government of India (2012–17) was India’s last Five Year Plan.
What are the effects of industrial policy of India 1991?
EFFECTS: The positive effect of the economic policy of 1991 was that licensing was abolished majorly for all the industries except for a few of them like coal, petroleum, sugar, chemicals etc. Thus as a result the corporate sector’s demand which remained ignorant for long was fulfilled.