The industrial policy of 1948 was the first industrial policy after independance.
Answers
Explanation:
The large industries were classified into four categories:
Industries with exclusive State Monopoly/Strategic industries: It included industries engaged in the activity of atomic energy, railways and arms, and ammunition.
Industries with Government control: This category included industries of national importance. 18 such categories were mentioned in this category such as fertilizers, heavy machinery, defense equipment, heavy chemicals, etc.
Industries with Mixed sector: This category included industries that were allowed to operate independently in the private or public sector. The government was allowed to review the situation to acquire any existing private undertaking.
Industry in the Private sector: Industries which were not mentioned in the above categories fall into this category. High importance was granted to small businesses and small industries, leading to the utilization of local resources and creating employment.
II. Industrial Policy Resolution, 1956
This second industrial policy was announced on April 20, 1956, which replaced the policy of 1948. The features of this policy were:
A new classification of Industries.
Non-discriminatory and fair treatment for the private sector.
Promotion of village and small-scale industries.
To achieve development by removing regional disparity.
Labour welfare.
The IRDA divided industries into three categories:
Schedule A industries: The industries that were under the monopoly of the state or government. It included 7 industries. The private sector was also introduced in these industries if national interest required.
Schedule B industries: In this category of industries, the state was allowed to establish new units but the private sector was not denied to set up or expand existing units e.g. chemical industries, fertilizer, synthetic, rubber, aluminum, etc.
Schedule C industries: So the industries that were not a part of the above-mentioned industries then it formed a part of Schedule C industries.
To summarize, the policy of 1956 in which the state was given a primary role for industrial development as capital was scarce and business was not strong.
Introduction, Meaning & Importance of Business Environment
III. Indian Policy Statement, 1973
Indian Policy Statement of 1973 identified high priority industries with investment from large industrial houses and foreign companies were permitted. Large industries were permitted to start operations in rural and backward areas with a view to developing those areas and enabling the growth of small industries around. And so the basic features of Indian Policy Statement were:
The policy was directed towards removing the distortions, it provided for closer interaction between agriculture and industrial sector.
Priority was given towards generation and transmission of power.
The list of industries reserved for the small-scale sector was expanded.
Special legislation was made to protect cottage and household industries were introduced.
III. Indian Policy Statement 1977
Indian Policy Statement was announced by George Fernandes then the union industry minister of the parliament. The highlights of this policy are:
A] Target on the development of small-scale and cottage industries.
Household and cottage industries for self-employment.
Tiny sector investment up to 1 lakhs.
Smallscale industries for investment up to 1-15 lakhs.
B] Large-scale sector
Basic industries: infrastructure and development of small-scale and village industries.
Capital goods industries: meeting the requirement of cottage industries.
High technological industries: development of agriculture and smallscale industries such as petrochemicals, fertilizers and pesticides.
C] Restrict the control of big business houses.
D] Role of the public sector:
Development of ancillary industries.
To make available expertise in technology and management in small and cottage industries.
E] Revival and rehabilitation of sick units.
V. Industrial Policy, 1980
The Congress government announced this policy on July 23rd, 1980. The features of this policy are:
Promotion of balanced growth.
Extension and simplification of automatic expansion.
Taking over industrial sick units.
Regulation and control of unauthorized excess production capabilities installed for industrial houses.
Redefining the role of small-scale units.
Improving the performance of the public sector.
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