Consider the following statements with reference to the new Industrial Policy was announced in 1991 ...........

Geography Industry

Consider the following statements with reference to the new Industrial Policy was announced in 1991:

1. The industrial licensing system has been abolished for all except six industries related to security, strategic or environmental concerns.

2. Industries related to atomic energy, substances specified in the Schedule of the Department of Atomic Energy as well as Railways gardually comes under the private sector.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 Nor 2

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Explanation:

The major objectives of Liberalisation, Privatisation, Globalisation (LPG) and Industrial Development in India: (1) abolition of industrial licensing, (2) free entry to foreign technology, (3) foreign investment policy, (4) access to capital market, (5) open trade, (6) abolition of phased manufacturing programme, and (7) liberalised industrial location programme. The industrial licensing system has been abolished for all except six industries related to security, strategic or environmental concerns. At the same time, the number of industries reserved for public sector since 1956 have been reduced from 17 to 4. Industries related to atomic energy, substances specified in the Schedule of the Department of Atomic Energy as well as Railways have remained under the public sector.