Strategy of industrial growth 1947-1990 - Indian economy ~ EasyAdda

Strategy of Industrial Growth 1947-1990

Indian Economy 1950-1990 Class 12 Notes Economics

● Importance of Industry

1. Source of implements

2. Promote modernization

3. Increase in national income

4. Infrastructural growth

5. GDP growth

Strategy of Industrial Growth

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● Need for public sector in industrial development

1. Lack of capital

2. Low induced investment

3. Growth with Social Justice

4. Development of infrastructure

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● industrial policy resolution/revolution (IPR-1956)

According to the industrial policy 1956 government increase the role of public sector in the industrial development of economy the main objective is to prevents the concentration of wealth from few hands.

( dominant role by public sector)

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Principal elements of IPR-1956/features

1. Three fold classification of industries

A. Schedule (a) 17 industries (exclusively as public sector) ex- defence equipments, Railways, heavy machinery, atomic energy,electricity ,etc

(complete ownership of public sector)

B. Schedule (b) 12 industries (Private and public) .Dominant role of goverment.

eg- chemical fertilizers,plastic materials,Roadstransports

(policy formation by government)

C. Schedule (c) remaining industries under private sector

Forest and wildlife resources

CONCEPT OF SOCIAL RESPONSIBILITY

2. Industrial licensing

It refers to a written permission from the government for opening or expanding and industrial unit.

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3. Industrial concession

The private entrepreneur were offered many types of industrial concession for establishing industry in the backward regions of the country

• tax holiday (rebate)

• subsidies power supply

● Small scale industry

It can be defined as the one whose investment does not exceed 5 Lakh rupees in 1951 Now 5 crore.

You can also read about agriculture related to farmer

Features problems and policies of agriculture(1950-1990)

● features characteristics of small scale industry(SSI)

1. Labour intensive and Employment friendly

2. SSI is locational friendly/flexibility and therefore equality

3. SSI needs small investment and is therefore equity

● Features of industrial growth during 1950 to 1990

1. Public sector the primary role of industrialisation

2. private sector play the secondary role of Under permit/licensing

3. Focus on import substitution

• it is a policy of the state in which Import of goods are generally substituted by domestic production

4. Protect from foreign competition

5. Large scale industry was to be developed for building and infrastructural base in the country

6. Small scale industry was to be developed for employment and equity

● Good effect or bad effect of industrial policy

•Good effect

1. Big push for economic growth 6% annual increase

2. Diversification in industrial sector

3. Growth of large scale industry

4. Growth of small scale industry with employment and equity

•Bad effect

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1. Public sector monopoly

2. Low quality of product compared to foreign standards

3. Focus on import substitution

INDUSTRY

ROLE OF INDUSTRIAL SECTOR IN INDIA

Industrialisation is important for overall growth of a country. Following points highlight the importance of Industry is an economy:

1. Provides employment.

2. Raises national income.

3. Promotes regional balance.

4. Leads to modernisation.

5. Helps to modernise agriculture.

6. Leads to self-sustainable development.

7. High potential for growth.

8. Key to high volume of exports.

9. Growth of civilisation.

10. Change in basic structure of economy

11. source of Employment

12. Imparts Dynamism to Growth Process.

A growth industry is that sector of an economy which experiences a higher-than-average growth rate as compared to other sectors. ...

Their growth is a result of demand for new products or services offered by companies in the field.

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Modes of Industrialization

Different strategies and methods of industrialization have been followed at different times and places with varying degrees of success.

Strategy of industrial growth. Strategy of industrial growth 1947-1990 - Indian economy

Indian economy 2021

1. Industrialization

Strategy of Industrial Growth

Industrialization refers to a transition from rural to urban societies. It involves the shift from small scale agricultural production to manufacturing processes. In general, industrialization provides many advantages such as increased productivity and efficiency in production.

However, these advantages can only be realized if we continue to protect our environment.

Industrial pollution is harmful to both humans and animals. Air pollution, water pollution, noise pollution, and land degradation are just a few examples of how industrialization affects the environment.

Conclusions

Strategy of Industrial Growth

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