The industrial policy announced on 24 July 1991 which heralded the economic reforms in India has enormously expanded the scope of the private sector by opening up most of the industries for the private sector and the subsequently dismantling the entry and growth restriction the industrial policy Reform has reduced the industrial licensing requirement remove restriction on investment and expansion and facilities access to foreign technology and foreign direct investment
The major objective of new industrial policy package are-
- to build on the gain already made
- to correct the distortion or weakness that may have crept in
- to maintain a sustained growth in productivity and gainful employment
- to attain International competitiveness
Has been stated that the pursuit of these objective will be tampered by the need to preserve the environment and ensure the efficient use of available resources all sector of industry weather in small medium or large belong into public private or Cooperative sector will be encouraged to grow and improve on their past performance.
The role of public sector was redefined and the scope of the public sector has been drastically Everest the number of industries reserved for public sector was reduced to it and it was later found in stages 2 atomic energy and railway transport the policy also sleep selective privatization and withdrawal of the public sector from industry which do not confirm to its redefined roll the scope of private sector has been expended enormously buy drastically reducing the number of industry reserved for the public sector and by substantially demantling the barrier to entry and growth.
