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Industrial and Licensing Policy (1951–1991)
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 economies are greater than in agriculture. With further industrialization, economies of scale and inter-industrial linkages become more pronounced; (b) It also leads to creation of economic surplus leading to further investment. Eventually, there emerges a self-sustaining economy with continued high ...
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