Environment Industrial Policy is one of the important topic/chapter for BBA 1st Year 2nd Semester. In BBA 3 types of questions are asked in the examination i.e. MCQs (Multiple Choice Questions) Short Question Answer and Long Question Answer. Here in this post a2znotes providing you BBA 1st Year Business Environment Industrial Policy Short Question Answer based on Latest Syllabus.
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Q. 1. State the meaJ istrial policy. Why is it necessary to adopt a well defined industrial policy?
Or Explain the mea Emportance of industrial Policy. Also give the historical backgroufl of deveJo.dStril India.
Ans. Industrial policy theformal announcement made by the government of a particular country regarding industries. It is a very wide term. It includes all the procedures principles policies and regulations of the country.
Industrial policy deter, and dictates the following:
1. Objectives ofthejj, development of country
2. The attitude of govern Wwarth attainment of objectives
3. Rules and policies to control and regulate the industrial undertakings of the country
Importance or Need of Industrial Policy
Well defined industrial policy is a necessity for planned industrial development of a Country. Importance of industrial policy increases manyfold for the developing countries like India. India has adopted the path of planned economic development There are vast natural and social resources available in the country but most of these resources remain unutilised or under-utilised With the formation of Suitable industrial policy, it is Possible to promote industrial development by making
use of available resources Need and importance of industrial policy in India
can be explained as under:
1. Helpful in formulating a plan of industrial development.
2. Helpful in formulating targets and programmers of industrial development.
3. Helpful in formulating rules, principle and policies of the management, regulation and control.
4. Helpful in establishing effective coordination between capital and physical resources.
5. Helpful in maintaining regional balance.
6. Helpful in preventing the concentration of economic power.
7. Helpful in directing national resources in desired direction.
8. Helpful in promoting exports and reducing the dependence on imports.
Background of Industrial Policy in India
Till 1923, there was no separate policy for industries and foreign trade in India. Protection policy was adopted in 1923 for the first time in India but this policy was introduced for British interests. After second world war, a severe need of industrial planning and control was realized. A planning and reconstruction division was set up in 1944. On April 21, 1945, Head of this division Sir Ardeishir Dalal issued an industrial policy statement of India but it could not be implemented due to freedom movements. Thus, there was no separate and independent industrial policy before independence. After independence government paid due attention to industrial development of country. Since then six industrial policy resolutions have been announced.
1. Industrial policy 1948.
2. Industrial policy 1956.
3. Industrial policy 1973.
4. Industrial policy 1977.
5’. Industrial policy 1980
6. Industrial policy 1991.
Industrial policy of 1948, 1956 and 1991 are considered to be major guide lines.
Q. 2. State the meaning and importance of industrial policy.
Ans. Industrial Policy: Industrial policy means the formal announcements made by the government regarding industries. It includes fiscal policy, monetary policy, tariff policy and labour measures of the country.
Importance of Industrial Policy
(i) Helpful in formulating a plan programme of industrial development.
(ii) Helpful in formulating rules and policies for the management and control of industrial undertakings.
(iii) Helpful in establishing effective coordination between capital and physical resources on one hand and natural and social resources on the other.
(iv) Helpful in establishing coordination between industrial and agricultural development.
(v) Helpful in establishing coordination between public and private sector.
(vi) Helpful in maintaining regional balances.
(vii) Helpful in promoting exports and reducing, dependence on imports.
Q. 3. What is industrial policy, 1948 ? Give its features.
Ans. Industrial Policy, 1948 The draft of first industrial policy of India was presented by the commerce and industry minister Dr. Shyama Prasad Mukherjee on April 6, 1948.
Salient features of the policy are as under:
1. Mixed Economy: This Policy laid the foundation of mixed economy in India. It facilitated that both the public and private sectors will work together under government supervision and control.
2. Categorisation of Industries: (I) First category comprised of the manufacture of arms and ammunition, atomic e’ and railway transport. These industries were to be the exclusive monopoly of central government.
(ii) Second category- comprised of coal, iron and steel aircraft manufacture, ship-building, manufacture of telephone, telegraph and wireless, mineral, air, etc. Regarding these industries, it was laid down that etist iinck’rrakings would continue in private sector but new undertakings would be started