Indian Industrial Policy 1991 | Liberalization-Privatization-Globalization-Deregulation-Technology and Innovation in Indian Industrial Policy 1991
Indian Industrial Policy 1991 The Indian Industrial Policy of 1991, often referred to as the New Economic Policy (NEP) or Liberalization, Privatization, and Globalization (LPG) policy, marked a significant turning point in India's economic history. The policy was introduced to liberalize and transform the Indian economy, moving away from the previous era of socialist-inspired economic policies. Several key reforms were implemented as part of this policy shift: Unique Plot Identification Number | Benefits of ULPIN 1. Liberalization: Reduced Industrial Licensing: Industrial licensing requirements were significantly reduced, allowing industries greater freedom to set up, expand, or diversify their operations without excessive bureaucratic constraints. Import Liberalization: Restrictions on imports were eased, and tariffs were reduced, allowing for increased foreign trade and a more open economy. Foreign Investment: Foreign direct investment (FDI) norms were relaxed, encouraging fore...