Which policy gave a major thrust to small-scale industries?
Show answer & explanation
Correct answer: C
Explanation
Correct Answer:
1977 Industrial Policy
Explanation:
The Industrial Policy Statement of 1977 gave a major thrust and special emphasis to the development of small-scale, cottage, and village industries in India. Introduced under the Janata Party government with George Fernandes as the Industry Minister, this policy specifically focused on generating employment opportunities, decentralizing economic power, and promoting tiny sectors by reserving a large number of products exclusively for manufacturing by small-scale enterprises.
Key Points:
The 1977 policy placed unprecedented emphasis on small-scale and cottage industries as a primary engine for rural employment and equitable wealth distribution.
It classified small-scale industries into distinct categories, including tiny units, village industries, and small-scale factories, to target development assistance effectively.
While previous policies like the 1956 Industrial Policy recognized small-scale industries, the 1977 policy distinctly centralized them as the cornerstone of industrial strategy and product reservation.
Important Questions and Answers:
Question: Which government introduced the 1977 Industrial Policy that heavily promoted small-scale industries?
Answer: The Janata Party government.
Question: What was one of the primary socioeconomic objectives of the 1977 Industrial Policy?
Answer: Generating widespread employment through decentralization and promoting cottage and small-scale industries.