State the objectives of industrial policy of the Government relating to development of the industries according to Industries (Development and Regulation) Act, 1951.

The objectives of Industrial Policy of the Government relating to development of industries according to Industries (Development and Regulation) Act, 1951 are as follows: 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 focus of Industrial Policy is – 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.