Read the given passage and answer the question: The New Industrial Policy was announced in 1991. The major objectives of this policy were to build on the gains already made, correct the distortions or weaknesses that had crept in, maintain a sustained growth in productivity and gainful employment, and attain international competitiveness. Within this policy, measures initiated are: abolition of industrial licensing, free entry to foreign technology, foreign investment policy, access to the capital market, open trade, abolition of phased manufacturing programme, and liberalised industrial location programme. The policy has three main dimensions: liberalisation, privatisation, and globalisation. The threshold limits of assets have been scrapped, and no industry requires prior approval for investing in the delicensed sector. They only need to submit a memorandum in the prescribed format. In the new industrial policy, Foreign Direct Investment (FDI) has been seen as a supplement to domestic investment for achieving a higher level of economic development.
Which of the following is NOT a dimension of New Industrial Policy?
Centralisation
Centralisation is not a part of the New Industrial Policy (1991).
The policy focused on:
- Liberalisation – Removing strict regulations.
- Privatisation – Allowing private firms to operate.
- Globalisation – Integrating with international markets.
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