Discuss the objectives of the New Industrial Policy, 1991. Why the policy was initiated by the Government?

The objectives of Industrial Policy, 1991 are as under: To maintain a sustained growth in productivity; To enhance gainful employment; To achieve optimal utilisation of human resources; To attain international competitiveness; and To transform India into a major partner and player in the global arena. The Policy was initiated for: Deregulating Indian industry; Allowing the industry freedom and flexibility in responding to market forces; and Providing a policy regime that facilitates and fosters growth of Indian industry.