Question

what is required to develop industries in backward areas?​

Answer 1

Answer:

Industrial Policy is a formal declaration by the Government whereby it outlines its general policies for industries. Any industrial policy has broadly two parts. First part generally deals with the ideology of the current political dispensation, while other one provides a framework of certain rules / principles.

The main objective of any industrial policy is to augment the industrial production and thereby enhance the industrial growth which leads to economic growth by optimum utilization of resources; modernization; balanced industrial development; balanced regional development (by providing concessions for industrial development in backward areas); balanced development of basic and consumer industry; coordinated development of large as well as small, medium and cottage enterprises; determination of area of operation under private and public sector; enhance cordial relations between workers and management and proper utilization of the domestic / foreign capital

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