Highlight the difference between lndustrial policy 1956 and industrial policy 1991
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"New industrial policy-1991 is basically based on the economic reformation, and liberalization, privatization and globalization are the main focuses of the new industrial policy. The growth of the private sector and participation in small scale industries are encouraged by the new policy.
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Explanation:
A comprehensive industrial policy was formulated in 1956. It has following objectives:
(i) Development of machine-building industries.
(ii) Increase in rate of industrial development.
(iii) Reduction of income and wealth inequalities.
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