Contact Author Source Industrialization plays a vital role in the economic development of underdeveloped countries. As the historical record shows, the developed countries of the world broke the vicious cycle of poverty by industrializing, rather than focusing on agricultural or the production of national resources. Currently, Pakistan, as a developing country, wants to achieve a higher standard of living for its people.
The government has been committed to promoting accelerated growth the industrial sector. The role of foreign direct investment as a means to support domestic investment for achieving a higher level of economic development. FDI benefits domestic industry as well as the Indian consumer by providing opportunities for technological upgradation access to global managerial skills and practices etc.
To reduce delays, a simplified approval mechanism for FDI proposals has been put in place via: Automatic approval by RBI to specified industries. Other proposals which do not conform to the guide lines for automatic approval are considered by foreign investment promotion Board FIPBJ.
The FIPB makes recommendations to the government. The following initiatives have been taken: Coal and lignite ii. Petroleum and its distillation iii. The number of industries reserved for private sector has been reduced and entry level barriers have been removed.
Restriction on current account transaction has been removed.
Industrial policy has brought reforms in related areas such as export, import etc. Tariffs have been reduced on imports.
Critical Analysis of New Industrial Policy: It has positive as well as negative impact which may be summed up as follows: Creativity and innovation has become the order the day.
Knowledge is updated by constant research and development. Industries are concentrating on research and development to bring out creativity in product design.
Quality aspect has gained a lot of significance. The concept of quality has undergone a significant change. Quality is not something which is determined by the quality control department.
Rather it is to be judged by the customer. The focus is on total quality which is to be maintained at all levels rights from the manufacture of goods till it reaches the customer.
On account of new industrial policy, there is extensive growth of infra structure such as Transport, banking, communication etc. Free flow of foreign capital on account of FDI.India is a predominantly agricultural country. The well-being of Indian economy is directly connected with the welfare of her masses dwelling in the rural areas.
With the scientific and industrial development, we had to adopt a vigorous industrial policy. Formation of the District. Before 14th November Ghaziabad was the Tehsil of District Meerut. The then chief minister Mr.
nationwidesecretarial.com decalered Ghaziabad as a district on 14th November , on the birth anniversary of Pt.
INDUSTRILIZATION. Industrialisation (or industrialization) is the period of social and economic change that transforms a human group from an agrarian society into an industrial one. The Role of Industrialization in the economic development of India!
Industrialization refers to a process of change in the technology used to produce goods and service. 5. Business Rules of the department: Punjab is an economy where the basis for competitiveness is the intellectual capital and capability to absorb process and apply knowledge.
Industrialisation or industrialization is the period of social and economic change that transforms a human group from an agrarian society into an industrial society, involving the extensive re-organisation of an economy for the purpose of manufacturing.