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Economic Reforms and Industrial Sector and International Trade

Economic Reforms and Industrial Sector and International Trade. Dr. Anil K wavare Department of Economics Chhatrapati Shivaji College, Satara Mobile- 9850117226 E-mail- anilwavare75@rediffmail.com. Economic Reforms: LPG Industrial Policy 1991: An Overview Main Features (Objectives)

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Economic Reforms and Industrial Sector and International Trade

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  1. Economic Reforms and Industrial Sector and International Trade Dr. Anil K wavare Department of Economics Chhatrapati Shivaji College, Satara Mobile- 9850117226 E-mail- anilwavare75@rediffmail.com

  2. Economic Reforms: LPG • Industrial Policy 1991: An Overview • Main Features (Objectives) • To maintain sustained growth in productivity. • To enhance gainful employment. • To achieve optimum utilization of human resources. • To attain international competitiveness. • To transform India into a global partner and player in global arena. • Main Focus on • Deregulating Indian industry • Allowing the industry freedom and flexibility in responding to market forces and • Providing a policy regime which facilitates and fosters growth of Indian Industry

  3. Policy Measures • Areas: • Abolition of Industrial Licensing: • Distillation and brewing of alcoholic drinks. • Cigar cigarettes and other substitutes of prepared tobacco. • Electronics, Aerospace and all types of defense equipment’s. • Industrial explosives including match boxes. • Hazardous chemicals. • Public Sector’s Role The 1956 Resolution has reserved 17 Industries for the public sector. The 1991 industrial policy reduced this number to 8: • Arms and ammunition • Atomic energy • Coal and Lignite • Mineral oils • Mining of iron ore, Manganese ore, Chrome ore, Gypsum, Sulphur, Gold and Diamond. • Mining of copper, Lead, Zinc, Tin, Molybdenum and Wolfarm. • Minerals specified in the schedule of the atomic energy • Rail transport

  4. Freer Entry to Foreign Investment and Technology • FDI is prohibited only in the following sector: • Retail trading (except single brand product retailing) • Atomic energy. • Lottery business • Gambling and betting. • Industrial location Policy liberalized.

  5. NEW TRADE POLICY: THE REFORM PERIOD • Features: • Freer Imports and Exports. • Rationalisation of Tariff Structure. • Decanalisation. • Convertibility of Rupee on Current Account. • Trading Houses. • Special Economic Zones. • EOU scheme. • Agriculture Export Zones. • Market Access Initiative Scheme. • Five Thrust Sectors. • Served from India to be built as a brand. • Setting up of Free Trade & Warehousing Zones ( FTWZs) • Reducing transactional costs & simplifying procedures. • Concessions & Exemptions.

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