Pre-1991 Indian Industrial Policies | Industrial Licensing-Import Substitution-Public Sector Dominance-Labor Laws-Agricultural Controls
Pre-1991 Indian Industrial Policies Prior to the economic reforms of 1991, India followed a policy of mixed economy where both public and private sectors coexisted. The period before 1991 was characterized by a series of economic policies that were influenced by socialist ideals and aimed at achieving self-sufficiency, reducing income inequalities, and promoting social welfare. The industrial policies during this time were primarily governed by government control and regulations. Here are some key features of the Indian industrial policies before 1991: 1. Industrial Licensing: Industrial Licensing: Most industries required a license from the government to operate. This license determined the scale, location, and capacity of production. The government regulated which industries were allowed to be in the public sector and which could be in the private sector. MRTP Act: The Monopolies and Restrictive Trade Practices (MRTP) Act was in force, preventing the concentration of economic power ...