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Industrial policy,1991

industrial policy resolution 1991

In respect of foreign technology agreements automatic permission will be provided in high- priority industry up to a sum of Rs. . The system of taxation will be reviewed and readjusted where necessary to encourage saving and productive investment and to prevent undue concentration of wealth in a small section of the population. Shock absorbers for railway equipment and v. Later, a few more industries were de-reserved and now the exclusive area of the public sector remains confined to only 4 industrial sectors which are: i defence production, ii atomic energy, iii railways and iv minerals used in generation of atomic energy. In such section of the classification, apart from positive mention of approved items, those not permissible shall be specifically excluded from the benefit of the proposals list above. The Government would evolve scheme of phased development.

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What are the features of New industrial policy of 1991?

industrial policy resolution 1991

In order to open new industry or to expand production, obtaining a license from the government was a prerequisite. Industrialisation and Economic Progress 4. High speed rotograture printing machines having output of 30,000 or more impressions per hour. It is only by such a process of reinforcing interaction of the agricultural and industrial sectors that employment can be found for the large number of the rural population who cannot be absorbed in the agricultural sector. Units which may be faltering at present but are potentially viable must be restructured and given a new lease of life. It is in line with the current economic philosophy of the Government to liberalise the existing industrial and commercial policies with the objective of increasing efficiency, competi­tive advantage and modernisation in the economy.

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Major Objectives of India’s New Industrial Policy 1991

industrial policy resolution 1991

Heavy castings and forgings of iron and steel. Second, is there anything in the new economic policy which per se has an anti- poor bias? This process of change was given a new momentum in 1985 by an increase of threshold limit of assets. Now, en­trepreneurs are required to fill an infor­mation memorandum of new projects and substantial expansion. Marketing Support and Reservation of Items for Small Scale Industries 16. Constitution of special boards to negoti­ate with foreign firms for large investments in the development of industries and import of technol­ogy- Critique of the New Industrial Policy The keynote of the new industrial policy includes liberalisation and globalisation of the economy. The Industrial Policy Resolution of 1956 assigned a role to play. However, in case where a relaxation from industrial Policy has been accorded especially on consideration of export, compulsory export obligations would continue to be imposed and for sufficiently long period.

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7 Main Features of the New Industrial Policy of India

industrial policy resolution 1991

Similarly the public sector will also be allowed entry in areas not reserved for it. On the other hand, the share of these units in the total capacity for these items will be steadily reduced and that of small scale and cottage Sector increased. With a view to injecting the desired level of technological dynamism in Indian industry, the gov­ernment will provide automatic approval for tech­nology agreements related to high priority indus­tries. Industrial licensing policy and procedures have also been liberalised from time to time. Because of the large scale changes, the Industrial Policy of 1991 or the new industrial policy represents a major change from the early policy of 1956. There will be ordinarily no bar to small privately owned units undertaking production, such as the making of launches and other lightcraft, generation for power for local needs and small scale mining. The classification of industries into three categories did not mean that they were being placed in water-tight compartments.

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Key Provisions of New Industrial Policy 1991

industrial policy resolution 1991

Examples — for purchases farmers are provided subsidized fertilizers, for outputs they get price support and any investment in farm mechanization and processing industry is eligible for capital or interest subvention subsidy. Big industries also can get licence for production of goods that are reserved for small scale industries but these needs to export 50% of their production. Other specialised products of soyabean. But much more importantly our most valued asset is the willing hands of our rural manpower and the technicians who today from the third largest group of skilled manpower in the world. Sector are recognized by policy makers, which are worthy of government support and targets are set. To the extent that expertise of this nature is not well developed so far in India. It emphasised the importance to the economy of securing a continuous increase in production and ensuring its equitable distribution.

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India: Industrial Policy, Liberalization and Impact

industrial policy resolution 1991

A Cottage and Small Scale Industries Directorate will also be set up within the Directorate General of Industries and Supplies. Government will ensure that the public sector is run on business lines as envisaged in the Industrial Policy Resolution of 1956 and would continue to innovate and lead in strategic areas of national importance. Location Policy Liberalised: The new policy mentioned that in location other than cities of more than 1 million population, no industrial approvals from the centre will be required except for industries subject to compulsory licensing. Instead emphasis will be on controlling and regulation of monopolistic, restrictive and unfair trade practices rather than making it necessary for the monopoly houses to obtain approval of the centre for expansion, establishment of new undertaking, merger, amalgamation and take over and appointment of certain director. Economics, Economy of Japan, Foreign-born Japanese 280 Words 2 Pages financial year 2012-13. Besides these Governments, representatives of Industry and Labour will also be associated with the Central bodies which they propose to establish, as recommended by the Industries Conference.

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Get Complete Information on Industrial Policy of India 1991

industrial policy resolution 1991

But, if past experience is any guide we can say that private industrialists will not rise to the occasion since our industrialists, over time, have learnt the habit of growing under the protected environment. However, the small-scale industries taking up manufacture of those products reserved for small sector will not be subjected to compulsory licensing pro­cedures. Alcohol, cigarettes, hazardous chemicals, electronic, aerospace and all types of defense equipment. Later on the scheme was extended to 49 industries. The Government of India are fully alive to their direct responsibility for the development of these industries which they have found necessary to reserve exclusively for State enterprise.

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Industrial Policy Resolution of 1956

industrial policy resolution 1991

All these are part of Industrial policy. Under this new policy, like for­eign capital and multinational corporations, large industrial houses have been respected by the Government. In the past, while export obligations were imposed, equal attention was not paid to ensuring that compulsory export obligations are adhered to in actual practice. These institutions have followed a mandatory practice of including a convertibility clause in their lending operations for new projects. The Prime Minister, in his statement in parliament on 6 th April 1949, has enunciated the policy of the State in regard to foreign capital. For this purpose, Government in co-operation with the Reserve Bank of India have instituted arrangements for monitoring incipient sickness in industrial units so that corrective action can be initiated as soon there is evidence of mismanagement of financial and technological weakness. After the initial exuberance of the public sector entering new areas of industrial and technical competence, a number of problems have begun to manifest themselves in many of the public enterprises.

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Industrial policy of 1991 in India

industrial policy resolution 1991

It is, therefore, not necessary to deal with the subjects in this resolution. Paper and pulp including paper products. These important developments necessiate a fresh statement of industrial policy, more particularly as the Second Five Year Plan will soon be placed before the country. What was the impact of the industrial policy the of the British of on the traditional in the industries and extent industrialization independent India? As per this clause, banks had right to convert their loan amount into equity whenever they feel so. This policy divided the various Indian industries into four broad categories: a In this first category of exclusive state monopoly, the manufacture of arms and ammunition, the production and control of atomic energy and ownership and management of railway transport were included. A special Empowered Board would be constituted to negotiate with a number of large international firms and approve direct foreign investment in select areas.

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