When was the First Industrial Policy Established in India?
By Balaji
Updated on: February 17th, 2023
The first Industrial Policy in India was announced in 1948. Dr. Shyama Prasad Mukherjee gave the first industrial policy. Industrial policy is a collection of norms and benchmarks established by the government to assess the manufacturing industry’s development and, eventually, the nation’s economic growth and development. The government takes action to promote and enhance the capabilities and competitiveness of diverse businesses.
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1. Announcement of First Industrial Policy in India
Announcement of First Industrial Policy in India
Following independence in 1948, Dr. Shyama Prasad Mukherjee proposed the first Industrial Policy. The first industrial policy statement of India was called the Industrial Policy Resolution, of 1948. This resolution focused on defining the state’s role in industrial development. The Industrial (Development and Regulation) Act was passed in the year 1951.
According to the Industrial Resolution of 1948 India is expected to have a Mixed Economic Model. The government has established a set of criteria and metrics known as the industrial policy to assess the manufacturing industry’s performance and, ultimately, the nation’s economic growth and development.
Goals of First Industrial Policies
The crucial goals of the industrial policy of India are explained below. These regulations are very specifically constructed to target the following key points:-
- To continue productivity’s steady development.
- To increase the number of available jobs.
- Improve the way you use the people you have available.
- To use a variety of methods to speed up the nation’s development
- Must be competitive and at par with world norms
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