Question
Download Solution PDFIn which year the new industrial policy announced the abolisation of industrial licensing in India?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFKey Points
- The New Industrial Policy of 1991 marked a major shift in India’s economic policy.
- It abolished industrial licensing for most industries, except for a few sectors related to security, strategic concerns, and environmental safety.
- This policy aimed to liberalize the Indian economy by reducing bureaucratic control and encouraging private sector participation.
- The policy was a response to the economic crisis of 1991, focusing on structural reforms to promote efficiency, competition, and integration with the global market.
Important Points
- The New Industrial Policy of 1991 emphasized delicensing, deregulation, and decontrol of industries to foster growth and innovation.
- Foreign Direct Investment (FDI) was encouraged in various sectors to bring capital, technology, and global practices to India.
- Public sector enterprises were restructured, and privatization was promoted to reduce inefficiency and ensure better resource allocation.
- The policy laid the foundation for India's transformation into a market-driven economy.
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