Unit-4 Planning, Governance and Institutions

This unit outlines the growth performance in each plan, the shifts in plan priorities and strategies, and the shifts in major economic policies leading to the present regime of economic reforms with a central place to market induced investment and growth.

What were the major changes in Industrial Policy 1991, as a part of economic reforms? 

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Learning Pundits Content Team

Written on Jun 26, 2019 2:48:53 PM

The Industrial Policy announced on July 24, 1991 included the following reforms:

 i. Industrial licensing was abolished for all projects except a shortlist of 15  industries related to security of strategic or environmental concerns.

 ii. The regulation under Monopolies and Restrictive Trade Practices (MRTP) Act  were relaxed in a manner that there was hardly any need to get Government  approval for expansion or starting new venture.

 iii. The areas hitherto reserved for public sector were drastically reduced and even  some areas reserved for public sector was thrown open to private investment.

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