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Under the New Industrial Policy, 1991:
- a)The system of phased manufacturing programme approved on case to case basis will not be applicable to new projects.
- b)The system of phased manufacturing programme will be applicable to new projects.
- c)The system of phased manufacturing programmes will be applicable to new projects costing more than 10 crores.
- d)None of the above.
Correct answer is option 'A'. Can you explain this answer?
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Under the New Industrial Policy, 1991:a)The system of phased manufactu...
New Industrial Policy, 1991 and Phased Manufacturing Programme
Under the New Industrial Policy, 1991, the government introduced several reforms to promote industrialization in India. One of the significant changes was the abolishment of the system of phased manufacturing programme.
Explanation:
• The phased manufacturing programme was a policy that mandated the local production of components or sub-assemblies by foreign companies that wanted to manufacture finished products in India.
• The policy aimed to boost domestic manufacturing and reduce imports of finished products.
• However, it was found that the policy was not very effective in achieving its objectives. It led to increased costs for foreign companies and also created bureaucratic hurdles, which resulted in delays and inefficiencies.
• To address these issues, the government decided to discontinue the policy for new projects under the New Industrial Policy, 1991.
• The decision to abolish the phased manufacturing programme was taken to attract foreign investment and promote the growth of the manufacturing sector in India.
• The new policy did not require foreign companies to follow the phased manufacturing programme and allowed them to import components or sub-assemblies for their manufacturing operations in India.
• This change was expected to improve the ease of doing business in India and make the country more attractive to foreign investors.
Conclusion:
In conclusion, under the New Industrial Policy, 1991, the system of phased manufacturing programme was not applicable to new projects. The government abolished the policy to promote foreign investment and simplify the process of manufacturing in India.
Under the New Industrial Policy, 1991, the government introduced several reforms to promote industrialization in India. One of the significant changes was the abolishment of the system of phased manufacturing programme.
Explanation:
• The phased manufacturing programme was a policy that mandated the local production of components or sub-assemblies by foreign companies that wanted to manufacture finished products in India.
• The policy aimed to boost domestic manufacturing and reduce imports of finished products.
• However, it was found that the policy was not very effective in achieving its objectives. It led to increased costs for foreign companies and also created bureaucratic hurdles, which resulted in delays and inefficiencies.
• To address these issues, the government decided to discontinue the policy for new projects under the New Industrial Policy, 1991.
• The decision to abolish the phased manufacturing programme was taken to attract foreign investment and promote the growth of the manufacturing sector in India.
• The new policy did not require foreign companies to follow the phased manufacturing programme and allowed them to import components or sub-assemblies for their manufacturing operations in India.
• This change was expected to improve the ease of doing business in India and make the country more attractive to foreign investors.
Conclusion:
In conclusion, under the New Industrial Policy, 1991, the system of phased manufacturing programme was not applicable to new projects. The government abolished the policy to promote foreign investment and simplify the process of manufacturing in India.
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Under the New Industrial Policy, 1991:a)The system of phased manufacturing programme approved on case to case basis will not be applicable to new projects.b)The system of phased manufacturing programme will be applicable to new projects.c)The system of phased manufacturing programmes will be applicable to new projects costing more than 10 crores.d)None of the above.Correct answer is option 'A'. Can you explain this answer?
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