What was industrial policy of 1991?
The 1991 policy attempted to liberalize the economy by removing bureaucratic hurdles in industrial growth. The role of the public sector was limited. Only 2 sectors were finally left reserved for the public sector. This reduced the burden on the government.
What are the main objective of industrial policy 1991?
The New Industrial Policy, 1991 had the main objective of providing facilities to market forces and to increase efficiency. The government allowed Domestic firms to import better technology to improve efficiency and to have access to better technology.
What are the effects of industrial policy of India 1991?
The positive effect of the economic policy of 1991 was that licensing was abolished majorly for all the industries except for a few of them like coal, petroleum, sugar, chemicals etc. Thus as a result the corporate sector’s demand which remained ignorant for long was fulfilled.
What were the major changes made in new industrial policy 1991?
The 1991 policy made ‘Licence, Permit and Quota Raj’ a thing of the past. It attempted to liberalise the economy by removing bureaucratic hurdles in industrial growth. Limited role of Public sector reduced the burden of the Government.
Who introduced the industrial policy of 1991 in India?
Minister Manmohan Singh
Former Prime Minister Manmohan Singh is considered to be the father of New Economic Policy (NEP) of India. Manmohan Singh introduced the NEP on July 24,1991.
Who introduced industrial policy 1991?
Prime Minister Manmohan Singh
What is the importance of industrial policy?
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 …
What are the main features of economic reforms of 1991?
The main characteristics of new Economic Policy 1991 are:
- Delicencing.
- Entry to Private Sector.
- Disinvestment.
- Liberalisation of Foreign Policy.
- Liberalisation in Technical Area.
- Setting up of Foreign Investment Promotion Board (FIPB).
- Setting up of Small Scale Industries.
What you meant by industrial policy?
Industrial Policy is defined as the strategic effort by the state to encourage economic transformation, i.e. the shift from lower to higher productivity activities, between or within sectors.
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