explain the main features of the Industrial Licensing Policy 1991.
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1) abolition of industrial licensing 2)public sectors role diluted 3) abolition of phased manufacturing programmes
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The main features of the Industrial Licensing Policy 1991 are –
(1) Liberalization: This policy aimed to remove excessive controls from trade and commerce to provide ease to the traders.
(2) Privatization: It also put more focus on the private sector to help it grow.
(3) Globalization of the economy: Companies from abroad could now set up their factories and centers without much problems
(4) A different policy for the public sector, reforms in finance and adoption of new methods were some other features.
The government also made changes based on the report by Narasimham Committee.
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