explain the measures taken by Govt for industrial development
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4
Answer:
7 Major Steps of Economic Reforms Taken by Government of India
(1) New Industrial Policy. ...
(i) Abolition of Licensing: ...
(ii) Freedom to Import Technology: ...
(iii) Contraction of Public Sector: ...
(iv) Free Entry of Foreign Investment: ...
(v) MRTP Restrictions Removed: ...
(vi) FERA Restrictions Removed: ...
(vii) Increase in the Importance of Small Industries:
Explanation:
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Answer:
- Abolition of Licensing.
- Now, most industries have been freed from licensing and other restrictions.
- Freedom to Import Technology: The use of latest technology has been given prominence in the New Industrial Policy.
- Therefore, foreign technological collaboration has been allowed.
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