Abstract
The industrial policy resolutions are the important policy documents which mandate the strategies adopted by the Government towards the industry. These strategies are at the heart of the overall industrial development and growth of any country. This chapter makes a holistic effort to highlight the various industrial policy resolutions and manufacturing sector-specific policies adopted by the Government of India since independence to foster growth and development. The growth of manufacturing sector during the different plan periods and under alternative industrial policy regimes has also been analysed in this chapter. Efforts were also made to shed some light on the strength of the manufacturing sector in absorbing the shocks emanating from the various macroeconomic crises at different points in time.
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Notes
- 1.
Retrieved from http://texmin.nic.in/sites/default/files/policy_2000.pdf.
- 2.
Point of view, National Manufacturing Policy (2012) by PWC accessed from: https://www.pwc.in/assets/pdfs/industries/industrial-manufacturing/national-manufacturing-policy-pov.pdf.
- 3.
- 4.
Retrieved from http://meity.gov.in/writereaddata/files/NPE_Notification.pdf.
- 5.
Invest India is the national investment promotion and facilitation agency of India which was established as non-profit venture under DIPP, Ministry of Commerce and Industry, GOI.
- 6.
‘Bombay Plan’ is considered to be the first of its kind 15 year plan which provided a blueprint of the objectives that should be attained through economic planning and the pathway of economic development in India (Lokanathan, 1994). Although it was prepared by a group of renowned business personalities (such as J.R.D. Tata, G.D. Birla, Kasturbhai Lalbhai, P. Thakurdas, Sir Ardeshir Dalal, Lala Shriram, D. Shrof, John Matha and others) in 1944, it got wide popularity and recognition across business community including FICCI and the then British Government. In fact the first five year plan was found to be in line with the Bombay Plan (Sanyal, 2011).
- 7.
The data on GDP of the economy, GDP of the different sectors of the economy such as agriculture and allied activities, manufacturing, mining and quarrying, industry and services were gathered from different issues of Economic Survey, RBI Handbook of Statistics on Indian Economy and Economic and Political Weekly Research Foundation India Time Series Database for the period from 1950–1951 to 2013–2014.
- 8.
In estimating the rate of growth of manufacturing sector, the following empirical specification of the semi-log model was used.
$$lny_t = \alpha + \beta x_t ,$$where \({\text{lny}}_{{t}} \,{\text{is}}\,{\text{the}}\,{\text{natutral}}\,{\text{logarithm}}\,{\text{of}}\,{\text{the}}\,{\text{variable}},\,{\text{x}}_{{t}} \,{\text{is}}\,{\text{the}}\,{\text{time}}\,{\text{period}} = 1,\,2,\, \ldots \ldots {\text{n}}.\)
- 9.
Under ‘decoupling theory’ it is believed that growth in emerging Asian economies is backed by the internal demand and as such free from the contagion impact of the crisis (Siddiqui, 2009).
- 10.
Higher the capital formation and better the use, higher will be the economic development of any country. Low rate of savings in a country and limited foreign direct investments results in low level of capital formation which adversely affects the level of economic development of a country (Van der Eng, 2009).
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Maji, S.K., Laha, A., Sur, D. (2022). Manufacturing Policies in India: A Disaggregated Analysis. In: Indian Manufacturing Sector in Post-Reform Period. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-19-2666-2_2
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DOI: https://doi.org/10.1007/978-981-19-2666-2_2
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