Aims and Objectives in brief paragraphs for new economic policy 1991?
Answers
Answered by
2
Major Objectives of India’s New Industrial Policy 1991 are as follows!
With the gradual liberalisation of the 1956 Industrial policy in the mid-eighties the tempo of industrial development started picking up. But the industry was still feeling the burden of many controls and regulations.
For a faster growth of industry, it was necessary that even these impediments should be removed. The new government by Shri Narasimha Rao, which took office in June 1991, announced a package of liberalisation measures under its Industrial Policy on July 24, 1991.
Objectives:
The New Industrial Policy,1991 seeks to liberate the industry from the shackles of licensing system Drastically reduce the role of public sector and encourage foreign participation in India’s industrial development. The broad objectives of New Industrial Policy are as follows:
(i) Liberalising the industry from the regulatory devices such as licenses and controls.
(ii) Enhancing support to the small scale sector.
(iii) Increasing competitiveness of industries for the benefit of the common man.
(iv) Ensuring running of public enterprises on business lines and thus cutting their losses.
(v) Providing more incentives for industrialisation of the backward areas, and
(vi) Ensuring rapid industrial development in a competitive environment.
The New Industrial Policy has made very significant changes in four main areas viz., industrial licensing role of public sector, foreign investment and technology and the MRTP act. The major provisions of this policy are discussed below.
With the gradual liberalisation of the 1956 Industrial policy in the mid-eighties the tempo of industrial development started picking up. But the industry was still feeling the burden of many controls and regulations.
For a faster growth of industry, it was necessary that even these impediments should be removed. The new government by Shri Narasimha Rao, which took office in June 1991, announced a package of liberalisation measures under its Industrial Policy on July 24, 1991.
Objectives:
The New Industrial Policy,1991 seeks to liberate the industry from the shackles of licensing system Drastically reduce the role of public sector and encourage foreign participation in India’s industrial development. The broad objectives of New Industrial Policy are as follows:
(i) Liberalising the industry from the regulatory devices such as licenses and controls.
(ii) Enhancing support to the small scale sector.
(iii) Increasing competitiveness of industries for the benefit of the common man.
(iv) Ensuring running of public enterprises on business lines and thus cutting their losses.
(v) Providing more incentives for industrialisation of the backward areas, and
(vi) Ensuring rapid industrial development in a competitive environment.
The New Industrial Policy has made very significant changes in four main areas viz., industrial licensing role of public sector, foreign investment and technology and the MRTP act. The major provisions of this policy are discussed below.
Similar questions