Question

Difference between industrial policy 1956 and 1991

Answer 1

Answer:

Industrial policy 1956 1991. ... This helps the government officials by providing guidelines in administrating industrial development. the industrial policy indicated the respective of public, private, joint and cooperative sector. Small, medium and large scale industries and underlined the national priorities.

Answer 2

Explanation:

Industrial Policy Statement of 1956:

On 30 April 1956, the Government revised its first Industrial Policy (i.e., the policy of 1948), and announced the Industrial Policy of 1956. The reasons for the revision were: (i) introduc­tion of the Constitution of India, (ii) adoption of a planned economy, and (iii) declaration by the Parliament that India was going to have a socialist pattern of society.

Industrial Policy of 1991

The long-awaited liberalised industrial policy was announced by the Government of India on 24 July 1991. There are several important departures in the latest policy. The New In­dustrial Policy has scrapped the asset limit for MRTP companies and abolished industrial li­censing of all projects, except for 18 (now 5) specific groups. It has raised the limit for for­eign participation of foreign capital in the country’s industrial landscape.

The new policy has dismantled all needless irksome bureau­cratic controls on industrial growth. The new policy has re-defined the role of the public sector and has asked the private sector to op­erate even in those areas which were hitherto reserved for the public sector