This document discusses India's industrial policies from 1948-1991. It outlines the objectives of industrial policy as sustained growth, employment, preventing economic power concentration, optimal resource use, and international competitiveness. The key policies discussed include the Industrial Policy Resolutions of 1956, 1973, 1977, 1980, and 1991. The 1991 New Industrial Policy focused on deregulating industry and allowing market forces while facilitating growth. It liberalized licensing, foreign investment, technology agreements, public sector policy and the MRTP Act.
This document discusses India's industrial policies from 1948-1991. It outlines the objectives of industrial policy as sustained growth, employment, preventing economic power concentration, optimal resource use, and international competitiveness. The key policies discussed include the Industrial Policy Resolutions of 1956, 1973, 1977, 1980, and 1991. The 1991 New Industrial Policy focused on deregulating industry and allowing market forces while facilitating growth. It liberalized licensing, foreign investment, technology agreements, public sector policy and the MRTP Act.
This document discusses India's industrial policies from 1948-1991. It outlines the objectives of industrial policy as sustained growth, employment, preventing economic power concentration, optimal resource use, and international competitiveness. The key policies discussed include the Industrial Policy Resolutions of 1956, 1973, 1977, 1980, and 1991. The 1991 New Industrial Policy focused on deregulating industry and allowing market forces while facilitating growth. It liberalized licensing, foreign investment, technology agreements, public sector policy and the MRTP Act.
Main objectives of industrial policy Role & functions of Department of Industrial policy & promotion Industrial Policy 1991
It covers rules, regulations, principles, policies, & procedures
laid down by government for regulating & controlling industrial undertakings in the country.
It prescribes the respective roles of the public, private, joint,
cooperative large, medium & small scale sectors for the development of industries.
It
incorporates fiscal & monetary policies, tariff
policy, labor policy.
It
shows the government attitude not only
towards external assistance but also toward public & private sectors.
To maintain a sustained growth in productivity
To enhance gainful employment To prevent undue concentration of economic power To achieve optimal utilization of human resources To attain international competitiveness and To transform India into a major partner and player in the global arena
The Department of Industrial Policy & Promotion
was established in 1995 and has been reconstituted in the year 2000 with the merger of the Department of Industrial Development.
Encouragement to foreign technology collaborations at
enterprise level and formulating policy parameters for the same; Administration of Industries (Development & Regulation) Act, 1951 Formulation of policies relating to Intellectual Property Rights in the fields of Patents, Trademarks, Industrial Designs and Geographical Indications of Goods and administration of regulations, rules made there under
Promoting
industrial development of industrially
backward areas and the North Eastern Region including International Co-operation for industrial partnerships and
Promotion
of productivity, quality and technical
cooperation.
Industrial
Policy Resolution of 1948
Industrial Policy Resolution of 1956 Industrial Policy Resolution of 1973 Industrial Policy Resolution of 1977 Industrial Policy Resolution of 1980 The New Industrial Policy of 1991
Policy
focus is on
Deregulating Indian industry;
Allowing the industry freedom and flexibility in responding to market forces and Providing a policy regime that facilitates and fosters growth of Indian industry.
In pursuit of the industrial objectives, Government decided
to take a series of initiatives in respect of the policies relating to the following areas:
The Industrial Policy Resolution of 1956 identified the
following three categories of industries: Those that would be reserved for development in public sector. Those that would be permitted for development through private enterprise with or without State participation. Those in which investment initiatives would ordinarily emanate from private entrepreneurs.
Industrial
Licensing is governed by the Industries
(Development & Regulation) Act, 1951. Industrial licensing was abolished for all industries, except those specified (18 industries), irrespective of levels of investment.
Limit on foreign equity holdings raised from 40% to 51% in a
wide range of industries Foreign Equity Proposals need not to be accompanied by Foreign Technology Transfer Agreement Procedure for FDI streamlined by creating a Foreign Investment Promotion Board to consider individual application case by case
Foreign technology agreements in high-priority industries
upto Rs. 1 crore were given automatic permission.
No permission was required for hiring foreign technicians and
foreign testing of indigenously developed technologies.
List of industries reserved for the public (Schedule A) reduced
from 17 to 8
List of sector reserved for dominance by public sector
(Schedule B) effectively abolished
Disinvestment in selected public sector enterprise to raise
finance for development, bring in greater accountability & help create a new culture in their working for improved efficiency
Removed the threshold limits of assets in respect of MRTP companies and
dominant undertakings
Eliminated the requirement of prior approval of Central Government for
Establishment of new undertakings Expansion of undertakings Merger, Amalgamation and Takeover Appointment of Directors under certain circumstances.
The newly empowered MRTP Commission will be authorised to initiate
investigations on complaints received from individual consumers or classes of consumers in regard to monopolistic, restrictive and unfair trade practices.