Tag: state of industries in india

Board for Industrial and Financial Reconstruction (BIFR) became operational on 15th  May, 1987 is an agency set up by the Government of India, in order to tackle the problem of industrial sickness through financial inclusion. 

Industrialisation is the period of social and economic change that transformed human being from an agrarian society into an industrial society, involving the extensive re-organisation of an economy for the purpose of manufacturing. It means development of industries in a country or a region in a large scale.

The value added by the industrial sector in the GDP was about 26% in 2013−14.

This statement is correct that during the planning period, the structure of Indian industry has shifted in favour of basic and capital goods and intermediate sector. Others are wrong because the industrial pattern on the eve of Independence was imbalanced and very few big industrial units in India are sick.

The eleventh five-year plan had targeted 10% p.a. growth in industrial production, however, 7.4% p.a. of growth in industrial production was achieved during the eleventh plan period.

The 1991 Industrial Policy aimed to liberalize the economy by simplifying or abolishing restrictive regulations like the MRTP Act and FERA to encourage competition and foreign investment.

Industrial licensing was abolished for most industries in 1991, except for a few specific sectors related to security, safety, or public health, such as alcohol, cigarettes, and explosives. Electronic goods are not on the list of industries requiring a license.

While the percentage of the population dependent on agriculture has declined, the absolute number of people engaged in agriculture and allied activities has continued to increase due to population growth.