Explain the objectives and measures initiated under new
industrial policy announced in 1991.

Explanation

The new Industrial Policy was announced in 1991. Following measures were initiated under this policy:
(a) Abolition of industrial licensing,
(b) Free entry to foreign technology,
(c) Foreign investment policy,
(d) Access to capital market,
(e) Open trade,
(f) Abolition of phased manufacturing programme, and
(g) Liberalised industrial location programme.
The major objectives of this policy were as follows:
(a) Building on the gains already made,
(b) Correcting the distortions or weaknesses that have crept in,
(c) Maintaining a sustained growth in productivity and gainful employment and
(d) Last but not the least attaining international competitiveness.