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Business Environment by A. C. Fernando

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20

INDUSTRIAL AND LICENSING POLICY (1951–1991)

This chapter discusses independent India's industrial and licensing policy over the years, its philosophy, its components and the change-over that has taken place over the years. After reading this chapter, you will understand and appreciate these developments in the proper context and perspective.

Industry spells growth and development. What distinguishes a developed nation from a developing country is the former's high degree of industrialization which the latter lacks. The traditional pattern of “trade-oriented” development has now given place to “industry-oriented” growth. There are several factors that have contributed to this development: (a) In industry, the scope for internal and external ...

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