Industrial Policy is the policy that covers rules, regulations, principles, policies, and procedures laid down by the government for regulating and controlling industrial undertakings in the country.
Industrial Policy prescribes the respective roles of the public, private, joint, cooperative, large, medium and small scale sectors for the development of industries. It incorporates different types of policies including fiscal and monetary policies, tariff policy, labor policy, etc.
OBJECTIVES OF INDUSTRIAL POLICY
- To maintain a sustained growth in productivity
- To prevent undue-concentration of economic power
- To attain international competitiveness
- To enhance gainful employment
- To achieve optimal utilization of human resources
- To transform the country into a major partner and player in the global area.
INDUSTRIAL POLICY RESOLUTIONS IN INDIA
- Industrial Policy, 1948
- Industrial Policy, 1956
- Industrial Policy, 1973
- Industrial Policy, 1977
- Industrial Policy, 1980
- Industrial Policy, 1991 (LPG MODEL)
- Industrial Policy, 2015 (MAKE IN INDIA INITIATIVE)