Industry

Industry

» India started her quest for industrial development after independence in 1947.
» The Industrial Policy Resolution of 1948 marked the beginning of the evolution of the Indian Industrial Policy.
» In the Industrial Policy of 1948, the importance of both public sector and private sector was accepted. However, the responsibility of development of basic industries was handed over to Public Sector.
» The Industrial Policy Resolution of 1956 gave the public sector strategic role in the economy.
» Earmarking the pre-eminent position of the public sector, it envisaged private sector co-existing with the state and thus attempted to give the policy framework flexibility.
» The main objective of the Industrial Policy of 1956 was to develop public sector, co-operative sector and control on private monopoly.
» There were four categories of industries in the Industrial Policy of 1948 which was reduced to three in the Industrial Policy of 1956.

» In 1973, Joint Sector was constituted on the recommendations of Dutta Committee.
» The Industrial Policy of 1980 was influenced by the concept of federalism and the policy of giving concession to agriculture based industries was implemented through it.
» Various liberalised steps to be taken were declared at comprehensive level, in the Industrial Policy declared on 24th July, 1991.
» Privatisation and liberalisation are the main thrust areas in the New Industrial Policy.