-Industrial-Policy

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Presentation Transcript

INDUSTRIAL POLICY : 

INDUSTRIAL POLICY BEP 114

Meaning : 

Meaning Rules, regulations, principles, policies, and procedures laid down by GOI for regulating, developing, and controlling industrial undertakings in the country Prescribes roles of the public, private, joint, and co-operative sectors for the development of industries Indicates role of large-, medium-, and small-scale sector. Incorporates fiscal and monetary policies, tariff policy, labor policy, and the govt. attitude towards foreign capital, role to be played by MNC in the development of industrial sector

Objectives : 

Objectives Achieving a socialistic pattern of society Preventing undue concentration of economic power Achieving industrial development Achieving economic growth Reducing disparities in regional development Developing heavy and capital goods industry Providing opportunities for gainful employment Expanding the public sector for achieving socialism

Objectives : 

Objectives Achieving faster economic growth Achieving a self-sustained economy Alleviating poverty Protecting and developing a healthy small scale sector Building up a large and growing co-operative sector Updating technology and modernization of industry Liberalization and globalization of economy

Industrial Policies : 

Industrial Policies Industrial Policy Resolution of 1948 Industrial Policy Resolution of 1956 Industrial Policy Statement of 1973 Industrial Policy Statement of 1977 Industrial Policy Statement of 1980 Industrial Policy of 1991

Industrial Policy Resolution of 1956 : 

Industrial Policy Resolution of 1956 30th April, 1956 Classification of industry under three heads – Schedule A, Schedule B, Schedule C Positive approach towards industrialization in many ways: Rapid industrial growth backed by balanced regional development Appropriate manpower development and industrial harmony b/w public, private, large and small sectors – basic ideals of the policy SSI encouraged to take up some items of Schedule A Providing exclusive incentive system, direct subsidies, and different ial tax rates protected the SS sector

New Industrial Policy 1991 : 

New Industrial Policy 1991 July 24, 1991 & August 6, 1991 Major aspects: Industrial licensing removed except in 18 items Direct foreign investment upto 51% of equity allowed in high-priority industries Threshold of assets of MRTP companies and dominant undertakings removed. Automatic clearance introduced for import of capital goods, provided foreign exchange requirement for such import are met through foreign equity

New Industrial Policy 1991 : 

New Industrial Policy 1991 Automatic permission for foreign technology agreements in high priority industries upto sum of Rs. 1 crore granted Foreign equity proposals need not be accompanied by foreign technology agreement Existing and new industrial units provided with broad banding facility to produce any article as long as no additional investment in P&M is involved. Pre-eminent role of PSU in eight core areas including arms and ammunitions, oil, rail transport, and mining of coal and mineral.

New Industrial Policy 1991 : 

New Industrial Policy 1991 Part of government’s shareholding in PSU is proposed to be disinvested which will be offered to MFs, FIs, general public, and workers. Chronic loss-making PSU to be referred to BIFR for formulation of revival schemes A simplified procedure for new projects was introduced to manufacture goods not covered by compulsory licensing. Even substantial expansion of a project requires submitting a memorandum in prescribed form to secretariat for industrial approvals.

Areas covered : 

Areas covered Industrial Licensing Foreign Investment Technology transfer and import of foreign technology Public Sector policy Policy related to MRTP An exclusive SSI policy