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Industrial policy 1991

The basic Philosophy of the New Industrial Policy (1991) has been summarized as ‘Continufty with change’. It follows the policy of self-reliance but with greater stress on ability to pay for imports from exports. It also recognised the need for development of indigenous technology and manufacturing capabilities to world standards. The Industrial Policy 1991 assigned importance to a) industrialization of backward areas through infrastructure development and b) promotion of small scale industry through technology upgradation and efficiency improvement. The Policy underlined the significance that public sector units have to run on business lines as envisaged in IPR 1956.

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