Industrial policy comprises of the procedures, principles, rules, policies and regulations which together govern the industrial sector to guide the industrial development or the country in conformity with the objectives of five year plans and the needs of the economy. As the economy develops, the government has to closely study the process of economic development and make necessary changes and modifications in the policies so as to make the policies relevant for the situation or the environment prevailing in the country at different points of time. Sometimes the changes in policies are so drastic that a new approach at the industrial development or the development of any other sector is arrived at. When these changes are announced the reactions from the sector concerned are studied closely by the government and necessary amendments are made to the policies already announced. In Indian scene, the situation prevailed immediately after independence was completely different from what is being witnessed today. Hence, if we study the industrial policies announced in the later 40’s and early and middle ’50’s we would get a background with which we will be able to understand and appreciate the changes that have been announced in 1991. This would also help us to understand the justifications for the drastic changes announced at periodical intervals. Hence, we would discuss low in brief, the features of 1942, 1956 and 1950 Industrial Policy Resolutions.Industrial policy resolutions of 1948, 1956 and 1980 by BMS Team
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Industrial policy resolutions of 1948, 1956 and 1980
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