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The Indian Economy Since 1991, 2nd Edition by B. A. Prakash

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24

Industrial Sector in India and Economic Liberalization

Sunil Mani

The new economic policy, set into motion since 1991, was primarily targeted at the industrial sector. The main rationale for this policy change was to make India’s industrial sector, consisting of the manufacturing and utility-oriented industries (such as electricity and water), more efficient not only in the domestic sense of the term but also from the external or international point of view. The main facet of this policy change consisted of increasing the competition between the firms, not only domestically but also from the external sources (as from imports and by allowing MNCs to operate domestically). The New Industrial Policy Statement (NIPS) of 1991 adopted two major ...

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