Industry and Trade, 1950–1990
Part 2 — the public sector, IPR 1956, licensing, small industry and import substitution.
In this lesson you will
- Explain the role given to the public sector and the Industrial Policy Resolution 1956
- Explain industrial licensing and the support given to small-scale industry
- Explain import substitution, tariffs and quotas, and evaluate their effects
- Appraise the record of 1950–1990 and the case for reform