- The 1991 policy liberalized the economy by removing bureaucratic hurdles in industrial growth.
- Each state forms its own Industrial Policy Resolution (IPR) following the guidelines laid in Industrial Policy 1991.
- Laid guidelines for Foreign Direct Investment (FDI).
- Conceptualised Sector specific export promotion zones.
- This policy abolished the Industrial licensing for all industries except for few sectors.
- This was the first Industrial policy in which foreign companies were allowed to have majority stake in India.
- Automatic permission was given for foreign technology agreements in high priority industries.
- Dis-investment of the public sector.
- The Competition Act, 2002 : Establish Competition Commission of India (CCI) to protect the interest of the consumers and ensure freedom of trade in markets in India.
- Via this policy, the Government announced to establish a National Renewal Fund (NRF) to provide a social safety net to the labour.
- The policy was followed by special efforts to increase exports. Concepts like Export Oriented Units (EOU), Export Processing Zones (EPZ), Agri-Export Zones (AEZ), Special Economic Zones (SEZ) and lately National Investment and Manufacturing Zones (NIMZ) emerged. All these have benefitted the export sector of the country.
- New act was passed for MSMEs in 2006 and a separate ministry was established to look into the problems of MSMEs.
For details visit: http://dipp.nic.in/English/Policies/Industrial_policy_statement.pdf
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