Industrial policy 1991 in Hindi | features of industrial policy 1991 | UPSC | UGC NET

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Video Explained all about industrial policy 1991

1.About Industrial Policy 1991.
-After Independence, India Adopted The Socialist Pattern Of Economic Growth Where Majority Of The Industries Are Own By Government.

However, The Public Sector Industries Became Inefficient And The Government Faced The Burden Of Losses.

Therefore On July 24 1991, Govt. Of India Announced Its New Industrial Policy With An Aim To Improve Industrial Growth As Previews Licensing Policies And Regulation Which Is Responsible For Lower Industrial Growth Rate .

2.Objectives Of New Industrial Policy 1991.
-The new industrial policy resolution 1991 aimed at liberalizing the regulations and license controls of the industrial sector to improve economic growth rate.

-It aimed to increase the support to Micro Small and Medium Enterprises (MSMEs).

-To reduce the losses of public sector enterprises and make them profitable.

-To ensure Rapid industrial development by increasing the competitiveness of industries and to ensure inclusive economic development.

-To provide incentives for setting industries in the backward areas.

3.Salient features of industrial policy 1991.
(I)Industrial De-licensing Policy:
(ii)Dereservation of the industrial sector:
(iii)Abolition Of Phased Manufacturing Programs
(iv)Abolition of MRTP act
(v)Government support to Small scale industries
4.Positive Outcomes Of The New Industrial Policy 1991.
(I).The policy liberalised the economy by removing the bureaucratic red tapism and  licence Raj in India.

(ii).The role of public sector industries in the economy was reduced which reduced the burden on the government.

(iii).The measures of liberalisation increased competition in the industrial sector which improved their efficiency, and lowered the prices of many goods and services which ultimately benefited the customers.

(iv)The special initiatives such as the Special Economic Zones (SEZ), Export Processing Zones (EPZ), Export Oriented Units (EOU) etc taken under the new economic policy 1991 increased the exports from India. It also helped to increased the Foreign Exchange Reserves of India.

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