Industrial Development Efforts in India’s Industrial Policies and Five-Year Plans
The contribution of industries is very important in the rapid economic development of any country. The industrial sector not only contributes significantly to the national income of the country.
Rather, providing employment to millions of people, as well as making possible the use of natural and mineral resources of the country in human interest.
Most of our daily use items are also produced by industries. Therefore each country makes every effort for its rapid industrial development.
In 1948, the first industrial policy of the country was announced by the Government of India for the industrial development of the country. India’s first public sector undertaking, ITI Ltd. Established in 1948, Damodar Valley Corporation was established by Act of Parliament on 17 July 1948.
In 1948, the Chittaranjan railway factory was established by the Government of India in Mihijam (Chittaranjan, West Bengal).
Construction of steam locomotives began on January 26, 1950 at the Chittaranjan Locomotive Works.
On 1 November 1950, the then President Rajendra Prasad dedicated the first steam engine to the nation and on this day this Loco Building Factory was named after Deshbandhu Chittaranjan Das.
In 1951, the Industrial (Development and Regulation) Act was passed. So far 6 industrial policies have been made in 1948, 1956, 1977, 1980, 1990 and 1997. And in various five-year plans, concerted efforts have been made for industrial development.
Declarations of industrial policies in India
• First Industrial Policy: The first industrial policy of the country was announced by Dr. Shyamaprasad Mukherjee on 6 April 1948. The Government of India put the aim of ‘Mixed Economy’ in this policy.
Second Industrial Policy: On 30 April 1956, the then Prime Minister Pt. Jawaharlal Nehru declared the new Industrial Policy 1956. In the Industrial Policy of 1956, large-scale industries were divided into three classes – public, public and private enterprises, in the decimated sector and private sector.
• Janata Government’s Industrial Policy, 1977: The then Janata Party’s Industries Minister George Fernandes declared the Industrial Policy to the Janata Government on 23 December 1977, after the Emergency, which was held in March 1977 general elections.
In this policy, emphasis was laid on the development of small and cottage industries businesses, and the slogan ‘villages to oar‘ and ‘village development‘.
Fourth Industrial Policy 1980: After the Congress Government ruling in January 1980, the then Minister of State for Industry, Dr. Charanjit Chanana announced the Industrial Policy on 23 July 1980. In this policy, the limit for appropriation in plant and machinery in small units was extended.
Industrial Policy 1990: On 31 May 1990, Shri V.P. In the Singh government, Industries Minister Shri Ajitsingh announced his industrial policy.
• Industrial Policy of 1991: Announced industrial policy by the Narasimha Rao government in 1991. Its description is as follows
• Almost ending industrial licensing – In the Industrial Policy of 1991, all industries except 18 industries were exempted from licensing. The role was reduced to the public sector. Its list was reduced from 17 to 7.