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The New Industrial Policy of India was announced on 24 July 1991 against the background of a severe economic crisis. India was facing a serious balance of payments problem, high fiscal deficits, rising inflation, low foreign exchange reserves and slow industrial growth. The policy marked a major shift from the highly regulated industrial system towards liberalisation, privatisation and greater integration with the world economy. It aimed to create a competitive, efficient and dynamic industrial sector capable of responding to domestic and international market conditions. Since industrial policy also directly affects the country's foreign trade, the reforms sought to improve the international competitiveness of Indian industries and encourage exports. The major objectives of the New Industrial Policy were to accelerate industrial growth and improve industrial efficiency. The policy recognised that excessive controls, licensing requirements and restrictions on private investment had reduced competition and discouraged innovation. Therefore, it aimed to remove unnecessary controls and provide greater freedom to enterprises to make investment and production decisions. Another important objective was to promote competition and productivity. Indian industries were expected to become more efficient by facing greater domestic and international competition. The policy sought to encourage technological modernisation, better management practices, economies of scale and efficient utilisation of resources. The policy also aimed to encourage private sector participation. Before 1991, several industries were reserved for the public sector and private enterprises faced extensive restrictions. The New Industrial Policy reduced the exclusive role of the public sector and expanded opportunities for private investment. This was intended to mobilise private capital, ________ ____ ____ ________ _______ _________.
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