What did the 1977 Industrial policy prescribed different areas for

 Industrial Policy Statement, 1977- In December 1977, the Janata Government announced its New Industrial Policy through a statement in the Parliament.

The Industrial Policy of 1977 refers to the economic policy adopted by the Government of India in 1977. The policy was formulated with the objective of promoting industrial growth, reducing regional disparities, and achieving self-reliance in various sectors of the economy. The policy was part of the broader socialist approach adopted by the Indian government during that period.


Here are some key features of the Industrial Policy of 1977:


Emphasis on public sector: The policy gave a significant role to the public sector in industrial development. It aimed to expand and strengthen public sector enterprises in strategic industries such as heavy machinery, defense production, and infrastructure.


Regulation of private sector: The policy introduced measures to regulate the private sector and curb the concentration of economic power. It sought to prevent the growth of monopolies and encouraged competition and fair trade practices.


Reservation of industries: The policy identified certain industries that were exclusively reserved for the public sector. These included sectors like atomic energy, defense equipment, coal, oil, and minerals.


Small-scale industries: The policy recognized the importance of small-scale industries in generating employment and reducing regional imbalances. It provided various incentives and support measures for the promotion of small-scale industries.


Export promotion: The policy aimed to promote exports and enhance India's competitiveness in the international market. It introduced measures such as export incentives, import liberalization, and the establishment of export processing zones.


Foreign direct investment (FDI): The policy encouraged foreign direct investment in select industries, particularly those involving advanced technology and export-oriented production.


Technology transfer: The policy emphasized the transfer of technology and technical know-how to domestic industries. It encouraged collaborations and joint ventures with foreign companies to facilitate technology transfer.


The Industrial Policy of 1977 reflected the government's focus on economic self-reliance and equitable development during that period. However, over time, the policy faced criticism for its heavy reliance on the public sector, which led to inefficiencies and lack of competitiveness in certain industries. Subsequent economic reforms in the 1990s aimed to liberalize the Indian economy and reduce government intervention in industrial development.

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