Which one among the following is not the salient feature of industrial policy since 1991 ?
Limited exposure of Indian industry to foreign competition.
The New Industrial Policy of July 1991 rested on liberalisation, privatisation and globalisation: abolition of licensing for most industries, removal of MRTP asset limits, and automatic approval of foreign direct investment up to 51 percent in priority industries.
The private sector expanded enormously because industries once reserved for the state were thrown open; the public sector's role was redefined, its reserved list being cut from 17 to 8 industries, with disinvestment and greater autonomy for PSUs.
The list of items reserved for small scale units was also steadily pruned (de-reservation) so that SSI units would modernise and compete.
Exposing Indian industry to foreign competition through lower tariffs, FDI and technology imports was a central aim of 1991, so a policy of limited exposure is the opposite of what was done.
Hence, Limited exposure of Indian industry to foreign competition.
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(i) Public expenditure
(ii) Open market operations
(iii) Deficit financing
(iv) Taxation
(v) Reserve requirements
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Statement – II : After the New Industrial Policy – 1991, the Balance of Trade for India has always been positive.
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D. Incremental and marginal costs
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From the following, identify the tools of fiscal policy :
(i) Public expenditure
(ii) Open market operations
(iii) Deficit financing
(iv) Taxation
(v) Reserve requirements
Codes :
