Describe any three important measures insulated under the new industrial policy of India announced in 1991.

Solution

The new industrial policy was announced in 1991. The policy deregulates the industrial economy in a substantial manner. This policy adopted three measures.

1. Liberalisation : Liberalisation has resulted in reducing restrictions on many industries. According to new industrial policy, licencing system except on nine major industries has been established.

2. Privatisation : It means to convert the public sector industries into a private sector.

3. Globalisation : It means to adjust Indian economy according to the world economy. For this, the import duty has been reduced or abolished. Globalisation means an integration of the economy of a country freely with the world economy.

Some More Questions From Manufacturing Industries Chapter

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Manufacturing Industries

Describe any three important measures insulated under the new industrial policy of India announced in 1991.

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