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Industrial policy can be described as the efforts put in by the state in a strategic manner so as to inspire economic transformation. That is a change in terms of the productivity activities from lower to higher, within or between the sectors. Thus, from industrial policy one may infer that the policy which helps in attempting the production’s structure for helping those sectors which can be expected to give more economic growth prospects through a method that might not take place in the absence of similar interventions in market equilibrium. As we move forward, we shall study in detail industrial policy along with other essential topics such as control of the state and Industrial Policy Resolution 1956.
Industrial Policy
After the year 1947, the mission for the development of industries had started to full pace. To understand industrial policy, one can explain it as the actions of the Government for influencing the structure and ownership of industries. The Government of India’s Industry Policy has a number of aims and objectives. These include maintaining a continuous growth and productivity level, enhancing opportunities in the employment area, making the most optimal use of the human resources, attaining competitiveness at the International level and lastly, transforming India into a huge partner as well as a player when it comes to all over the Globe. Thus, with this one can learn about Industry Policy as well as what are its core objectives and goals.
As per the industrial policy Statement of the year 1956, it can be inferred that then the Government did a revision of the initial industrial policy. The policy from the year 1956 focused on the requirement for the public sector to be expanding, building up huge and developing cooperative sectors, encouraging the management as well as ownership’s separation in industries which are private. According to the Industry Policy Resolution 1956, it can be said the policy helped in the classification of the industries in three ways. The Industry Policy Resolution was criticised by the Private Sector because the Resolution led to the reduction in the scope for Private Sectors to expand in a significant manner. Thus, with this one can gain a basic understanding of the Industry Policy Statement, of 1956.
Moving forward, State Control can be explained as the situation wherein the authority or the power is with the Government for commanding or regulating the industries, programs, organizations, individuals and initiatives.
Thus, it can be said that in the above discussion various topics have been covered in a clear and comprehensive way.
Conclusion
As observed from the above sections, it can be said diverse topics have been covered in an interesting manner. These topics include gaining an understanding of industry policy, the Industry Policy Resolution 1956 and the power of the state. It can be noted that industry policy refers to the efforts put in by the state in a strategic manner so as to inspire economic transformation. With this, it may be concluded that the above topics helped in gaining an insight into topics such as industry policy, the Industry Policy Resolution 1956 and the power of the state.
