policy making in an industry is role of
Answers
Answer: Economic growth and expansion of industrialization.
Explanation:
Policy making in an industry is a process of keeping the economic growth healthy and also expanding the industrialization. It is a formal declaration made by the Government to ensure the industrial growth of the country.These measures are directed to improve the capabilities and competitiveness of domestic firms.
Industrial policy are divided into two parts.
- The first part of the policy deals with the ideology of political dispensation.
- The second part follows a set of certain principles and rules.
The principal motive of any industrial policy is to enhance industrial activities which leads to industrial growth. Any uptick in the industrial growth helps in attaining economic growth through proper utilization of resources, by keeping a proper balanced industrial growth, through modernization and through incentives in the form of concessions to regions which are in backward areas.
An effective policy helps in maintaining a balance growth between both basic and consumer industry. It provides an environment for both the workers and management to work in peace and harmony and also effective utilization of capital( both domestic and foreign).
Hope this helps.