What are the dimensions of new industrial policy 1991
Answers
On July 24, 1991, Government of India announced its new industrial policy with an aim to correct the distortion and weakness of the Industrial Structure of the country that had developed in 4 decades; raise industrial efficiency to the international level; and accelerate industrial growth.
Industrial Policy, Objectives and Industrial Climate. Industrial policy of a nation is the true determinant of foreign investment as well as domestic investment. Objective of the Industrial policy should be for bringing higher growth and prosperity for a country.
The policy has brought changes in the following aspects of industrial regulation:
1. Industrial delicensing
2. Deregulation of the industrial sector
3. Public sector policy (dereservation and reform of PSEs)
4. Abolition of MRTP Act
5. Foreign investment policy and foreign technology policy.
Dimensions of New Industrial policy 1991
Explanation:
New Industrial policy was announced in July 1991 to bring new developments in industrial sector with the help of following dimensions-
- New industrial policy was made in order to liberalize the trade , in turn liberalize economy.
- It also included privatization of many business , so that the loss making government industries can be revived.
- it also focused on global business which will help in opening new trade opportunities for the domestic businesses.
- foreign assistance and co-operation was also focused.
- the policy tried to improve the functioning of public sector as well.
Learn more:
Advantages of new industrial policy
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