Question

what are the main feature of the industrial policy of 1991?

Answer 1

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▪The policy of 1991 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.

Hope it helps !

Answer 2

Answer: The New Industrial Policy, 1991 had the main objective of providing facilities to market forces and to increase efficiency and the government allowed domestic firms to import better technology.

Explanation:

• The economic reforms that were started in the early 1990s are centered on the New Industrial Policy of 1991. All subsequent reform initiatives grew out of the new industrial strategy.
• The Policy has significantly changed the nation's economic regulation. These reform initiatives were made in many areas connected to the industrial sector, as the name suggests.

• The policy includes a redefinition of the public sector's function. Under the NIP 1991, a specific reform strategy for the public sector was developed, along with a program for disinvestment.
• Major industries that were previously the province of the public sector have welcomed the private sector.

• Less than fifteen sectors are eligible for industrial licensing under the 1991 policy. This indicates that only in the case of these few carefully chosen industries does one need to apply for a license before starting a business. The country's period of licensing raj or red tapeism is now over.
• The liberalization, privatization, and globalization efforts made in the nation in the later period had its origins in the industrial policy of 1991.

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