Industrial Policy of India

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Presentation transcript:

Industrial Policy of India

Meaning Industrial policy is an instrument with the help of which the state participate in the growth process. Industrial policy includes policy regarding labour & capital , cottage and small industries, foreign capital and protection etc. It includes rules and regulations, principles and procedures to regulate the industrial undertakings of a country in the desired direction, so as to achieve the broader objectives like industrial development, economic development, balanced regional development, increase in employment etc.

Importance Limited capacity of private sector Regulation of private sector Regulation of foreign sector

Industrial Policy of 1948 Main features :- Classification of industries:- *Public sector *Public cum private sector *Controlled private sector *Private & corporate sector Cottage & small scale industries Labour & capital relation Attitude towards Foreign capital Planning commission

Industrial Policy of 1956 Main Features: Fair treatment to public sector Cottage & small scale industries Balanced regional growth Technical & managerial personnel Proper amenities for labourers Proper management of public enterprises Foreign capital Flexible

New Industrial Policy of 1991 Main features Contraction of Public sector Delicensing Abolition Foreign capital Technical experts Facilities to labourers Setting up foreign promotion board Location of industries Encouragement to industries Freedom from monopolies act Facilities of import

Implementation of Policy Contraction of public sector Expansion of large industries Promotion of exports Reduction in duties Encouragement to foreign investment Value added tax Concessional loans for exporters Increase in lending limits for industries Disinvestment Technology upgradation Abolition of MRTP act Setting up biotechnology cell

Evaluation Merits Shortcoming Increase in production Promotes liberalization Increase in efficiency of public sector Increase in competition Less economic burden Increase in export Increased in foreign investment Reduction in role of public sector Concentration of economic Power Increase in regional imbalance Ignores social objectives Increase in unemployment Adverse effect on small scale industries