The industrial policy of a country is official strategic effort to encourage the development and growth of all sectors of the economy.
In a new domestic economy struggling with growth, the basic objectives of industrial policy is increasing production and efficiency in priority sectors, bringing regional dispersal of growth, promoting small-scale sector and preventing monopoly.
These regulated policies are time bound and fully protected from foreign competition. The industrial policy of a country is official strategic effort to encourage the development and growth of all sectors of the economy.
The onslaught of global economic crisis and subsequent domestic conditions has forced the Indian government to open the economy for market regulations.
Therefore, the new industrial policy in 1991 has opened the doors for reforms in industrial sector. The reforms have dismantled the regulatory systems thereby increased the competitiveness of industry.
From the Book – ‘ Know Everything about Corporate Social Responsibility ‘
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- What is Industrialisation?
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