Pankhuri Thukral, School of Law, NMIMS, Hyderabad
ABSTRACT
Post-World War II, India was perhaps the first non-communist emerging country to have a comprehensive industrial policy. Coordinating governmental and private sector investment decisions, as well as seizing 'commanding heights of the economy through public ownership of key strategic industries and enterprises, was a major goal of the program. From 1950 to 1980, the traditional form of state-directed industrialization was the norm. As far back as the 1980s, the model was beginning to crumble. The approach was radically altered in 1991 as a result of a severe external liquidity crisis.
The major neo-liberal opponents of India's growth have long railed against the country's industrial policies from 1950 to 1980, as expressed in its five-year plans. Economic growth in India has accelerated since 1991 when the country's old industrial policy was replaced by a more flexible, de-regulated, and market-oriented approach.
This paper takes a wide view of Trends in Indian Industrial Policy (1948-1991)
