Industrialisation is an important component of economic growth. Industrial Policy refers to the strategies adopted by government for industrial development in the country. The government of India has amended first industrial policy of India in 1948. The new industrial policy was brought to address the changing environment. The objective of present industrial policy is to globalize the Indian economy and provide freer play of market forces in domestic economy.
Industrial Policy Resolution, 1948 (IPR, 1948) was first policy of independent India. Its main focus was that the state must play an active role in the development of industries with government stressing on the socialistic pattern of society. This policy remains in force for 8 years.
Objectives of IPR, 1948
IDR Act, 1951 was passed by parliament in Oct, 1991 to control and regulate industrial development in the country. Its objectives were:
Provisions of the Act
The act laid down two provisions:
IPR, 1956 replaced the IPR, 1948. It stressed on:
The government introduced the new industrial licensing policy in 1970 on recommendation of Dutt Committee. Its main features were:
The new Industrial Policy was announced in July, 1991 in the midst of severe economic instability in the country. The objective of the policy was to raise efficiency and accelerate economic growth.
Features of New Industrial Policy
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