Mention major objectives of the New Industrial Policy, 1991 of India. Describe the role of globalisation in achieving these objectives.

Explanation

Major objectives of the New Industrial Policy 1991 :
(i) To build on the gains already made
(ii) Correct the distortions or weakness that have crept in.
(iii) Maintain a sustained growth in productivity.
(iv) Gainful employment and attain international competitiveness.
Role of Globalisation:
(i) Increase in Foreign Investment,
(ii) Availability of Foreign Technology,
(iii) Open Trade Policy,
(iv) International competition for better products.