Author: Rabindra Nath Ghosh & Dr. Archana Atish Hongi
DOI Link :: https://doi.org/10.70798/Bijmrd/01020009
Abstract: Industrialization is the main requirement for the development or expansion of the Indian economy since it is crucial to the economy and can help with problems like unemployment, backwardness, general poverty, low productivity, and a low standard of living, among other things. In order to increase the productivity and global competitiveness of its industries, India began liberalizing its economy. Since the early 1980s, there have been multiple attempts to liberalize the industrial policy framework. The new industrial policy of 1991 completely liberalized the industrial strategy itself. The government is working on three distinct reforms: first, the industrial licensing system will be deregulated, delicensing, decontrolled, and debureaucratized; second, foreign trade and currency exchange will be liberalized; and third, various measures will be put in place to promote foreign direct investment. All of these programs began in 1991, and since then, additional liberalization has been carried out annually with the release of a new budget. This article looks at how new industrial strategy and regulations affect industrial performance.
Keywords: Industrialization, Liberalization, Reforms, New Industrial Policy, Industrial Licensing.
Page No: 72-79