MODULE 3

EVOLUTION OF BUSINESS & INDUSTRY IN

INDIA
STRUCTURE OF INDIAN SOCIETY
 Social Structure of Indian Society
Social structure denotes the network of
social relationship
Features of Social Structure of Indian Society
1. Complex Society
Indian society is characterized as a
pluralistic society because it possesses complex
social order.
 2. Rural Society
About 70% of the Indian people live in
villages. Indian villages continue to be
underdeveloped.
STRUCTURE OF INDIAN SOCIETY
3. Economically Backward Country
India has made considerable progress in the
fields of agriculture and industrialization. But still it
continues to be an economically backward country
4. Illiteracy
Illiteracy and ignorance among the people of
India is another important feature of the social system
in India. About 60% of the population continues to be
illiterate in India
5. Diversified Languages
Diversity in languages is another feature of the
social environment in India. The Constitution of India
recognizes 22 languages as the major languages, which
are spoken by 87% of the population
STRUCTURE OF INDIAN SOCIETY
6. Racial Diversity
As already stated, people belong to different
races such as Aryan, Dravidian, and Mongolian. inhabit
India. People in the Eastern States, have affinity with
Mongolian race.
7. Caste
Caste has been the predominant feature of
Indian social system. The Constitution, has taken a
great step towards the dilution of caste and castism.
8. Existence of Communalism
The existence of communalism in the society is
another feature of Indian social system. It constitutes a
big danger to the unity and integrity of the nation.
STRUCTURE OF INDIAN SOCIETY
9. Regionalism
People belonging to a particular region consider
those who belong to other regions as outsiders.
Diversities in Caste, religion, language and culture
have contributed to forces of regionalism
10. Tradition
In India, both tradition and modernity exist side
by side. Tradition is clearly affected by modern trends
and pressures.
11. Lack of Free Movement
There is increased gap between the elites and
the masses. There is no free movement among different
linguistic groups, castes etc. This problem is clearly
reflected between high and low castes, literates and
illiterates, urbanites and ruralites etc.
GLIMPSE OF ECONOMIC ACTIVITY IN ANCIENT
TIMES
 The Stone Age : 5,00,000 to 2,00,000 years ago
 The Bronze Age : 300 BCE early indus valley
civilization, first urban civilization along with
Mesopotamia and Ancient Egypt.
 Vedic Period:
 The Aryans were the first to invade the country.
They came out of the North in about 1500 BC
and brought with them strong cultural traditions.
Sanskrit, one of the most ancient languages
spoken by them, was used in the first
documentation of the Vedas, which date back to
the 12th century BC and are believed to be oldest
scriptures still in use.
GLIMPSE OF ECONOMIC ACTIVITY IN ANCIENT
TIMES
 The Aryans laid down Vedic civilisation all over
North India
 Society was divided into four 'Varnas' or classes
popularly known as `the caste system‘.
 Brahmana – Kshatriya – Vaishya – Sudra
 Mahajanapadas:
This period saw the second major rise in urbanisation
in India after the Indus valley Civilisation. The word
"maha" means great and the word "janapada" means
foothold of a tribe. In the later Vedic Age, a number of
small kingdoms or city states had mushroomed across
the subcontinent and also find mention in early
Buddhist and Jain literature as far back as 1000
BCE. 16 states were formed
GLIMPSE OF ECONOMIC ACTIVITY IN ANCIENT
TIMES
Persian and Greek Conquests:

Much of the Northwest subcontinent (currently

Afghanistan and Pakistan) came under the rule of the
Persian Achaemenid Empire . 520 BCE under the rule
of Darius the Great and remained so for two centuries.

Maurya Empire:

The Maurya Empire, ruled by the Mauryan Dynasty

from 322-185 BCE was a geographically extensive and
mighty political and military empire in ancient India,
established in the subcontinent by Chandragupta
Maurya in Magadha (present-day Bihar) it further
thrived under Ashoka the Great
GLIMPSE OF ECONOMIC ACTIVITY IN ANCIENT
TIMES
 Ancient India Timeline
Prehistoric Period: ( 400000 BC - 1000 BC ): The
period when man, basically a food gatherer,
discovered fire and wheel
 Indus Valley Civilisation: (2500 BC - 1500 BC):
Derived its name from the river Indus and thrived on
agriculture and worshipped natural forces.
 Epic Age: (1000 BC - 600 BC): The period saw the
compilation of the Vedas, distinction of Varnas in
terms of Aryans and Dasas (slaves).
 Hinduism and Transition: (600 BC - 322 BC): As
caste system became more rigid, the period saw the
advent of Mahavira and Buddha who rebelled against
casteism.
GLIMPSE OF ECONOMIC ACTIVITY IN ANCIENT
TIMES
 The Mauryan Age: (322 BC - 185 BC):
Founded by Chandragupta Maurya, the empire
encompassed the entire North India
 The Invasions: (185 BC - 320 AD): The period
saw the invasion of Bactrians, Parthians, Shakas
& Kushans, opening of Central Asia for trade,
issuance of GOLD coins and introduction of the
Saka era.a and Bindusara further extended it.
 Deccan and South India: (65 BC - 250 AD):
The southern part was ruled by Cholas, Cheras
and Pandyas This period is known for
construction of Ajanta and Ellora cave temples,
Sangam literature, and arrival of Christianity to
India
GLIMPSE OF ECONOMIC ACTIVITY IN ANCIENT
TIMES
 The Gupta Dynasty: (320 AD - 520 AD): The
Gupta dynasty founded by Chandragupta I,
ushered in classical age in north India with
Samudragupta extending his kingdom and
Chandragupta II fighting against Shakas.
 Age of Small Kingdoms: (500 AD - 606 AD):
The period saw migrations from Central Asia and
Iran as Hunas moved to north India.
 Harshavardhana: (606 AD - 647 AD): The
famous Chinese traveller Hieun Tsang visited
India during Emperor Harshawardhana's reign
GLIMPSE OF ECONOMIC ACTIVITY IN ANCIENT
TIMES
 The Southern Kingdoms: (500 AD - 750 AD):
Empire of Chalukyas, Pallavas & Pandya
flourished. Zoroastrians (Parsis) came to India.
 Chola Empire: (9th Cent. AD - 13th Cent.
AD): Founded by Vijayalaya, the Chola empire
adopted a maritime policy
 The Northern Kingdoms: (750 AD - 1206 AD):
The Rashtrakutas became powerful, Pratiharas
ruled in Avanti and Palas ruled Bengal
 The Mughal Dynasty: 1956 AD – 1858 AD

Jahangir, Shah Ja Han, Aurangajeb, Akbar

Art and Architechture developed well
The British Empire in India
I- Indian imperialism began with
•The British East India Company-
set up trading posts in India to
control trade between India and
Britain.
N No total British control of India,
-

yet…

•India’s ruling Mughal Empire kept

European traders under control.
D Decline of the Mughal Empire
-

•Beginning in 1707 allowed for the

British East India Company to begin
controlling India’s political and
economic life.
I India = Britain’s “Jewel in the Crown”
-

• Industrial Revolution has turned Great

Britain into an industrial giant and India
provides raw materials for production
• “Jewel in the Crown” – the most valuable
of Britain’s colonies
• British setup restrictions that prevented
Indian economy from operating on its own-
forced to sell raw materials to Britain only
and purchase only British goods  growing
resentment among many Indians
The East India Company even had its own
army, led by British officers
and staffed by sepoys, or Indian soldiers.
•By the 1830s, the East India Company
(regulated by British Government) ruled
India.

•Many Indians resented British rule.

A Angry Indians = total British control
-

•In 1857, a large number of British-trained

Indian soldiers(sepoys) rebelled against their British
officers

•Sepoys believed that their bullet cartridges

were sealed with pork and beef fat.

•Muslims who don’t eat pork and Hindus who believe

the cow to be sacred- had to break cartridges w. their
teeth. They believed they were being forced to violate
their religion
Sepoy Rebellion
•The Sepoy
Rebellion was put
down and India
became a British
possession

•British rule in
India from 1757-
1947
•became known as
Raj
 British
Imperialism in
India
Positive BLUE Negative RED
 The British provided a single system of
law and government, unifying India. They
also introduced English as a unifying
language.
The British built roads, bridges, and
railroads in India. They set up
telegraph wires. However, India’s
cottage industries, in which goods
were made in homes, were hurt by
competition with British goods.
The British built hospitals, introduced
new medicines, and provided famine
relief. At the same time, health care
improvements led to a population
explosion without an increase in
economic opportunities.
 Indians were also looked down
upon by the British and their culture
was treated as inferior to European
culture. Indian workers provided the
British with inexpensive labor.
 Indians worked for long hours under
terrible working conditions. The British
gained wealth while Indians were
exploited.
 Foldable:
FORMS OF IMPERIALISM

• Colony

• Protectorate

• Sphere of Influence
 Colony
TOP BOTTOM
• Group of people who • Direct Rule: officials
leave their native sent from “MC” to
country to form a rule, impose culture,
settlement in a new language, politics and
land economics
• ***Still connected to
their “mother
country”***
 Protectorate
TOP BOTTOM
• Country whose • Indirect Rule: use of
policies are guided by local rulers to
a foreign country- not administer laws &
directly ruled. codes of “MC”,
• Local rulers left in encourage
place, but accepted cooperation to
advice regarding prepare for future
trade, industry, industry.
politics & • EX: England & US
missionaries.
 Sphere of Influence
TOP BOTTOM
• Area in which an • When one country
outside power claims has trading rights in
exclusive investment another place
& trading/economic
privilege
SWADESHI MOVEMENT IN INDIA
 The Swadesh Movement had its genesis in the
anti-partition movement which was stated
to oppose the British decision to partition
Bengal.
 The Government’s decision to partition Bengal
had been made public in December 1903.
 Trying to woo the Muslims, Curzon, the viceroy
at that time, argued that Dacca could become the
capital of the New Muslim Viceroys and kings
 Moderates Agitation (1903-05): Indian
National Congress was ‘self-government or
swaraj like the United Kingdom or the colonies’.
MILITANT MOVEMENT:
 After 1905, the Extremists acquired a dominant
influence over the Swadeshi Movement in Bengal
 Boycott of foreign good:
 Public meeting and procession:
 Crops of volunteers of ‘Samitis’:
 Imaginative use of traditional popular festivals
and meals:
 Emphasis given to self-reliance or ‘atma shakti’:
 Swadeshi or indigenous enterprises:
 Impact in the cultural sphere:
 Mass Participation:
 National Movement:
 Annulment of Partition:
LICENCE – PERMIT RAJ

 Rajaji in late 1950s coined the term “Quota-Permit-License Raj”

to describe t
 Industrial Policy Resolution, 1948: government monopoly was
established in armaments, atomic energy, railroads, minerals,
iron & steel industries, aircraft, manufacturing, ship building and
telephone and telegraph equipment
 Industrial Policy Resolution, 1956: extended the preserve of
the government from 17 industries to a further 12 industries.
 1956: Life Insurance business nationalized
 1969: Large commercial banks nationalized
 Monopolies and Restrictive Trade Practices Act, 1970
 1973: General Insurance business nationalized
 Over the years, the central and state governments formed
agencies and companies engaged in finance, trading, mineral
exploitation, manufacturing, utilities and transportation like
Hindustan Insecticides, Ashoka Hotel Corporation, Tyre
Corporation of India, Air India, GAIL, SAIL, ONGC, etc.
LICENCE – PERMIT RAJ
 Key features of the
 Licenses were required for starting new companies,
for producing new products or expanding production
capacities.
 Businesses had to have government approval for
laying off workers and for shutting down
 Virtually shut off imports with high tariffs, low
import quotas and outright banning of import of
certain products.
 India in 1985 had the highest level of tariffs in the
world.
 In addition to over-regulating the private sector the
Government of India nationalized heavy industry
LPG
July 1991,India has taken a series of measures to
structure the economy and improve the BOP
position. The new economic policy introduced
changes in several areas.
The policy have salient feature which are: -
1.Liberlisation (internal and external)
2.Extending Privatization
3.Globalisation of the economy
Which are known as “LPG”. (libearlisation privatisation
globalisation)

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 REASONS FOR IMPLEMENTING
LPG
 Excess of consumption and expenditure over
revenue resulting in heavy govt. borrowings.
 Growing inefficiency on the use of resources.
 Over protection to industries.
 Mismanagement of the firm and the
economy.
 Increase in losses for public sector
enterprises.
 Various distortion like poor technological
development, shortage of foreign exchange and
borrowing from abroad.
 Low foreign exchange reserves.
 Inflation
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LIBERALIZATION

Liberalization is a very broad term that usually

refers to fewer government regulations and
restrictions in the economy.
Liberalization refers to the relaxation of the
previous government restriction usually in area of
social and economic policies. When government
liberalized trade , it means it has removed the
tariff ,subsidies and other restriction on the flow of
goods and services between the countries.

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9
 THE PATH OF
LIBERALIZATION

• Relief for foreign investors

• Devaluation of Indian rupees
• New industrial Policy
• New trade policy
• Removal of import Restrictions
• Liberalization of NRI remittances
• Freedom to import technology
• Encouraging foreign tie-ups
• MRTP relaxation
• Privatization of public sector 4
0
 ADVANTAGES OF
LIBERALIZATION

• Industrial licensing
• Increase the foreign investment.
• Increase the foreign exchange reserve.
• Increase in consumption and Control over
price.
• Check on corruption.
• Reduction in dependence on external
commercial borrowings

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1
 DISADVANTAGES OF LIBERALIZATION

• Increase in unemployment.
• Loss to domestic units.
• Increase dependence on foreign nations
• Unbalanced development

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2
 PRIVATIZATION

Privatization means transfer of ownership and/or management

of an enterprise from the public sector to the private sector

It also means the withdrawal of the state from an industry or

sector partially or fully.

Privatization is opening up of an industry that has been reserved

for public sector to the private sector.

Privatization means replacing government monopolies with the

competitive pressures of the marketplace to encourage
efficiency, quality and innovation in the delivery of goods and
services.
4
3
 NEED FOR PRIVATISATION.

Though the PSUs have contributed heavily to develop the

industrial base of the country, they continue, even today,
to suffer from a number of shortcomings which are
identified below very briefly :-
• A sizable number of PSUs have been incurring and
reporting losses on a continual basis. Consequently, a
large number of PSUs have already been referred of
loss giving units;
• Multiplicity of authorities to whom the PSUs are
accountable;
• Delay in implementation of projects leading to cost
escalation and other consequences.
10
• Ineffective and widespread inefficiency on
management;
• With a view to provide opportunities for more and
more unemployed youths, more number of people,
than required, were recruited and therefore, many
PSUs are over-staffed resulting in lower labour
productivity, bad industrial relations, etc.
• A number of sick companies (40 companies) which
were in the private sector was taken over by public
sector mainly to protect the employees. These sick
units are causing a big drain on the resources of the
state; etc.
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5
DIFFERENT WAYS IN
PRIVATIZATION
• Liberalization Approach
• Relative Share Enlargement
Approach
• Association of Private
Sector Management
Approach
• Transfer of Minority Equity
Ownership Approach
• Transfer of Complete
Ownership Approach
4
6
ADVANTAGES OF PRIVATIZATION

• Privatization helps to reduce the burden on

Govt.
• It will help profit making public sector unit to
modernize and diversify their business.
• It will help in making public sector unit more
competitive.
• It will help to improving the quality of decision
making, because the decisions are free from
any political interference.
• Privatization may help in reviving sick units
which are the liability of the public sector.
• Industrial growth.
• Increase the foreign investment.
• Increase in efficiency. 4
7
DISADVANTAGES OF
PRIVATIZATION

• Industrial sickness.
• Lack of welfare.
• Class struggle.
• Increase in inequality
• Opposition by employees.
• Problem of financing.
• Increase in unemployment.
• Ignores the weaker sections.
• Ignores the national importance

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8
EXAMPLES OF PRIVATIZATION IN
INDIA

• Lagan Jute Machinery Company

Limited (LJMC)
• Videsh Sanchar Nigam Limited (VSNL)
• Hindustan Zinc Limited (HZL)
• Hotel Corporation Limited of India (HCL)
• Bharat Aluminum Company limited
(BALCO)

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9
GLOBALIZATION

Globalization implies integration of

the economy of the country with the
rest of the world economy and
opening up of the economy for foreign
direct investment by liberalizing the
rules and regulations and by creating
favorable socio-economic and political
climate for global business.
5
0
 FEATURES OF GLOBALIZATION

• Opening and planning to expand business

throughout the world.
• Erasing the difference between domestic market
and foreign market.
• Buying and selling goods and services
from/to any countries in the world.
• Locating the production and other physical
facilities on a consideration of the global business
dynamics ,irrespective of national consideration.

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1
• Basing product development and
production planning on the global market
consideration.
• Global sourcing of factor of production
i.e. raw-material, components ,
machinery,technology,finance etc. are
obtained from the best source anywhere in
the world.
• Global orientation of organizational
structure
.and management culture
5
2
FOREIGN MARKET ENTRY
STRATEGIES
 Exporting
 Licensing/Franchising
 Contract manufacturing
 Management contract
 Assembly operations
 Fully owned
manufacturing facilities
 Joint venturing
 Merger and acquisition
 Strategic alliance
 Countertrade 5
3
PROS AND CONS OF
GLOBALISATION

Globalization have several benefits ,these are: -

 Free flow of capital and increase in the total
capital employed.
 Free flow of technology.
 Increase in industrialization.
 Spread of production facilities throughout the
globe.
 Balanced development of world economies.
 Increase in production and consumption.
 Commodities at lower price with high quality.
 Increase in jobs and income.
 Higher Standard of living.
 Balanced human development
5
4
NEGATIVE
EFFECTS OF
GLOBALIZATION

• Loss of domestic industries

• Exploits Human resource
• Decline in income
• Unemployment
• Trforeign institutions

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5
ECONOMIC REFORMS SINCE 1991
 The Indian Government has introduced many
Economic Reforms in India since 1991. During 1990-
91, India had to face various economic problems
 n 1990 and 1991 the government of India had to take
huge amount of loan from the IMF as compensatory
financial facility
 India was also suffering from inflation, the rate of
which was 12% by 1991
 To get relief from such economic problem the
government of India had only two ways before it
 To take foreign debt and to create favorable conditions
 The other was to establish fiscal discipline within the
country
ECONOMIC REFORMS SINCE 1991
Hence the government of India had to introduce a
package of reforms
 To liberalize the industrial policy of the
government and to invite foreign investment by
privatization of industries and abolishing the license
system as a part of that liberalization.
 Automatic approval for Foreign Direct Investment
(FDI) was introduced for many industrial sectors.
 To make the import-export policy of the country
more liberal and so that the export of Indian goods
may become more easy and the necessary raw
materials and instruments for both industrial
development and production of exportable
commodities may be imported and also to facilitate
free trade by reducing the import duty.
 To decrease the value of money in terms of dollar.
ECONOMIC REFORMS SINCE 1991
 To reform the banking system and the tax
structure of the country.
 To establish market economy by withdrawing
and restricting government interference on
investment.
 For several industries, the monopoly of public
sector came to an end.
 To encourage the private sector to make
investment in large scale industries.
ENTREPRENEURIAL CULTURE IN INDIA
 The Indian entrepreneurial spirit has risen
remarkably as India stands third amongst the
fastest growing startup countries worldwide
 Digitization is playing a vital role in this scenario
 Government Initiatives: Government of India has
started several flagship programmes to encourage
entrepreneurship culture. ‘Start Up India’ campaign,
Atal Innovation Mission (AIM) including Self-
Employment and Talent Utilization (SETU)
 Changing Economic Landscape: With aggressive
campaigns for cashless transactions, consumers
across both urban and rural India are becoming
aware about digitisation
ENTREPRENEURIAL CULTURE IN INDIA
 Who can be the next? The next big thing can come
from anyone, anywhere as long as individuals have
the right environment and tools
 Growth Catalysts: While mentors can act as
catalysts and can give a right direction, incubators
come as great support to keep most of hurdles aside
and let one focus on the project
 Major Challenges: Major challenge for any startup
is raising funds or finding investors and Technology.
 Academia to Industry: Conducive environment for
entrepreneurs can become more effective if more and
more educational institute, especially those offering
technology and management education, start
nurturing the thoughts within students that they
should try becoming job creators rather than job
seekers.
 WHAT IS INDUSTRIAL
POLICY?
The Industrial Policy of a country,
sometimes denoted IP, is its official
strategic effort to encourage the
development and growth of part or
all of the manufacturing sector as
well as other sectors of the
economy.
 MAJOR OBJECTIVES
OF IP
 Rapid Industrial Development
 Balanced industrial Structure
 Prevention of Concentration of
Economic Power
 Balanced Regional Growth
 Rapid Industrial
Development
The industrial policy of the Government of
India is aimed at increasing the tempo of
industrial development.

It seeks to create a favourable

investment climate for the private sector
as well as mobilise resources for the
investment in public sector.
 Balanced industrial
Structure
• The industrial policy is designed to
correct the prevailing lopsided
industrial structure. Thus, for example,
before independence, India had some
fairly developed consumer goods
industries.
• So the industrial policy had to be
framed in such a manner that these
imbalances in the industrial structure
are corrected.
 Prevention of Concentration of
Economic Power

The industrial policy seeks to

provide a framework of rules,
regulations and reservation of
spheres of activity for the public
and the private sectors.
 Balanced Regional
Growth
Industrial policy also aims at
correcting regional imbalances in
industrial development. It is quite
well-known that some regions in
the country are industrially quite
advanced
RESOLUTION OF INDUSTRIAL
POLICY OF
INDIA
INDUSTRIAL POLICY RESOLUTION
1948(6th April )
INDUSTRIAL POLICY RESOLUTION
1956(30th April)
INDUSTRIAL POLICY 1973(2nd Feb)
INDUSTRIAL POLICY 1977(23rd Dec)
INDUSTRIAL POLICY STATEMENT OF
July,1980
INDUSTRIAL POLICY 1991(24TH July)
 INDUSTRIAL POLICY
RESOLUTION 1948
(6th April )
The Industrial Policy 1948 was presented in the
parliament by then Industry Minister Dr. Shyama
Prasad Mukherjee.
OBJECTIVES
Outlined the approach to industrial growth
and development.
Emphasized the importance of securing a
continuous increase in production and
ensuring its equitable distribution.
 INDUSTRIAL POLICY RESOLUTION 1956
(30th April)
This resolution adopted by the Indian Parliament in April
1956. It was the first comprehensive statement on
industrial development of India. The 1956 policy
continued to constitute the basic economic policy for a
long time.
OBJECTIVES
 Improvement in the living standards and working
condition for the mass of the people,
 Reduction in income and the wealth disparities.
 Prevention of private monopolies and concentration of
economic power in diff. fields
in the hands of small numbers of individual.
 CONTINUED…
 Progressively predominant and direct responsibilities for the
state in setting up new industrial undertakings and developing
transport facilities.
 Undertake state training on an increasing scale.
 Equal opportunity for the private sector to develop and expand.
 The need for planned and rapid development.
 Private sector to develop on the principle of cooperation.
 The adoption of the socialist pattern of the society as the national
objective.
 The state can take any type of industrial production.
 INDUSTRIAL POLICY 1973 (2ndFeb)

In the Industry Policy Statement 1973,the term “Core

Industries” was included. It referred to the 6Core
Industries: Iron and Steel Industry Cement, Coal, Crude
Oil ,Oil Refining and Electricity .They were called the
basic industries or infrastructure industries.
OBJECTIVES
 Provide for a closer interaction between agricultural and
industial sector.
 Highest priority to the generation and transmission power.
 Proposal for special legislation to protect cottage and
household industries.
 INDUSTRIAL POLICY 1977(23rdDec)
The Industrial Policy Statement 1977 was
announced by Janata Government led by
Morarji Desai on 23 December, 1977. This policy
was later replaced by incumbent Congress
Government in 1980. This was the first time when
a non-congress government was ruling
dispensation at centre.
OBJECTIVES
Producing inputs needed by a large
number of smaller units and making
adequate marketing arrangements,
Upgrading the technology of smaller units.
Promoting the development of the system of
linkage between nucleus large plants and the
satellite ancillaries.
 INDUSTRIAL POLICY STATEMENTOF
July,1980
Congress (I) came back to power in 1980 indicated to thrust in
Industrial Policy of 1956. On 25 July, 1980 the new Industrial
Policy was announced.
OBJECTIVES
 Revitalisation of the Public sector
 Economic Federalism
 Economic Federalism
 Promotion of rural industries
 Removal of regional imbalances
 Industrial sickness
 Regulation of Unauthorised Excess Capacity
 INDUSTRIAL POLICY 1991 (24THJuly)
For a faster growth of industry, it was necessary that even these
impediments should be removed. The new government by Shri
Narasimha Rao, which took office in June 1991, announced a package of
liberalisation measures under its Industrial Policy on July 24, 1991.

OBJECTIVES

 Liberalising the industry from the regulatory devices such as licenses and
controls.
 Enhancing support to the small scale sector.
 Increasing competitiveness of industries for the benefit of the common man.
 Ensuring running of public enterprises on business lines and thus cutting
their losses.
 Providing more incentives for industrialisation of the backward areas, and
 Ensuring rapid industrial development in a competitive environment.
ECONOMIC REFORMS IN INDIA
Savings, Investment and Fiscal Discipline
Reforms in Industrial and Trade Policy
Industrial Policy
Trade Policy
Foreign Direct Investment
Reforms in Agriculture
Infrastructure Development
Financial Sector Reform
Privatization
Social Sector Development in Health and
Education
ECONOMIC REFORMS IN INDIA
 Goods and Service Tax
 Demonitization

 Jandhan Accounts

 Affordable Housing

 Deen Dayal Upadhyaya Gram Jyoti Yojana

 PM Ujjwala Yojana