Economic Reforms and Industrial Sector and International Trade

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Presentation transcript:

Economic Reforms and Industrial Sector and International Trade Dr. Anil K wavare Department of Economics Chhatrapati Shivaji College, Satara Mobile- 9850117226 E-mail- anilwavare75@rediffmail.com

Industrial Policy 1991: An Overview Economic Reforms: LPG Industrial Policy 1991: An Overview Main Features (Objectives) To maintain sustained growth in productivity. To enhance gainful employment. To achieve optimum utilization of human resources. To attain international competitiveness. To transform India into a global partner and player in global arena. Main Focus on Deregulating Indian industry Allowing the industry freedom and flexibility in responding to market forces and Providing a policy regime which facilitates and fosters growth of Indian Industry

Policy Measures Abolition of Industrial Licensing: Areas: Abolition of Industrial Licensing: Distillation and brewing of alcoholic drinks. Cigar cigarettes and other substitutes of prepared tobacco. Electronics, Aerospace and all types of defense equipment’s. Industrial explosives including match boxes. Hazardous chemicals. Public Sector’s Role The 1956 Resolution has reserved 17 Industries for the public sector. The 1991 industrial policy reduced this number to 8: Arms and ammunition Atomic energy Coal and Lignite Mineral oils Mining of iron ore, Manganese ore, Chrome ore, Gypsum, Sulphur, Gold and Diamond. Mining of copper, Lead, Zinc, Tin, Molybdenum and Wolfarm. Minerals specified in the schedule of the atomic energy Rail transport

Industrial location Policy liberalized. Freer Entry to Foreign Investment and Technology FDI is prohibited only in the following sector: Retail trading (except single brand product retailing) Atomic energy. Lottery business Gambling and betting. Industrial location Policy liberalized.

NEW TRADE POLICY: THE REFORM PERIOD Features: Freer Imports and Exports. Rationalisation of Tariff Structure. Decanalisation. Convertibility of Rupee on Current Account. Trading Houses. Special Economic Zones. EOU scheme. Agriculture Export Zones. Market Access Initiative Scheme. Five Thrust Sectors. Served from India to be built as a brand. Setting up of Free Trade & Warehousing Zones ( FTWZs) Reducing transactional costs & simplifying procedures. Concessions & Exemptions.