Industrial Policy
The term Industrial Policy refers to Governments policy towards industries, their establishment, functioning, growth and management. The policy will indicate the respective areas of the large, medium and small scale sectors. It will also spell out Government’s policy towards foreign capital, labor, tariff and other related aspects. The industrial development of a company will be shaped, guided, fostered, regulated and controlled by its industrial policy. Industrial policy is the most important document which indicates the relationship between the Government and business.
New Industrial Policy, 1991
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The government has decided to take a series of initiatives in respect of the policies relating to the following areas
- Industrial Licensing
- Foreign Investment
- Foreign Technology Agreements
- Public Sector Policy
- MRTP Act (monopolies and restrictive trade policies act).
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