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The Private Sector in India

Introduction

Since the adoption of the country’s planned economic development in 1951, especially after the Industrial Policy Resolutions of 1948 and 1956, the private sector has been assigned a complementary role to the public sector. As per the then government’s policy, key and strategic industries were earmarked for the public sector while mostly consumer goods and service-based industries were allotted to the private sector, with a few exceptions. The government was also aware of the fact that all possible opportunities and incentives were needed to make the private sector grow to its full potential and contribute to the overall development of the Indian industry. However, over the years, private sector ...

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