Industrial Policy


Industry -An Economic Activity - Concepts
Class - Bank Of Baroda AO Prelims Subjects
 
 
Concept Explanation
 

Industrial Policy

An industrial policy provides guidelines for the effective coordination of the activities of various sectors of the economy. It is an official strategic effort of a country to encourage the development and growth of part or all of the manufacturing and sector as well as other sectors of the economy. In the subsequent years, India's Industrial Policy evolved through successive Industrial Policy Resolutions and Industrial Policy Statements. Specialized prioritięs for industrial development were also laid down in the successive five year plans.

New Industrial Policy, 1991

  • The Government of India announced the New Industrial Policy on 24th July, 1991. The main objective of this policy is to unshackle the Indian industrial economy from administrative and legal controls. Its main aim is to raise industrial efficiency to the international level through substantial deregulation of the industrial sector of the country.
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