Mains Paper II · 1 Indian Economy · 1.5 Economic reforms since 1991

1.5.3 New Industrial Policy 1991: delicensing, public sector reservation and MRTP to the Competition Act

The industrial policies of 1948 and 1956 built a licensed, public-sector-led industrial order, and the Statement on Industrial Policy of July 1991 dismantled it by delicensing, cutting public sector reservation and replacing the MRTP regime with competition law.

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Key terms

  • Industrial Policy Resolution 1948
  • IPR 1956
  • IPR 1977
  • New Industrial Policy 1991
  • delicensing
  • MRTP Act 1969
  • Competition Act 2002
  • FERA
  • FEMA
  • public sector reservation
  • IDRA 1951

What this note covers

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