An industrial policy (IP) or industrial strategy of a country is its official strategic effort to encourage the development and growth of all or part of the economy, often focused on all or part of the manufacturing sector.[1][2][3] The government takes measures “aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation.”A country’s infrastructure (including transportation, telecommunications and energy industry) is a major enabler of the wider economy and so often has a key role in IP.[5]
The main objective of any industrial policy is to augment the industrial production and thereby enhance the industrial growth which leads to economic growth by optimum utilization of resources; modernization; balanced industrial development; balanced regional development (by providing concessions for industrial development in backward areas); balanced development of basic and consumer industry; coordinated development of large as well as small, medium and cottage enterprises; determination of area of operation under private and public sector; enhance cordial relations between workers and management and proper utilization of the domestic / foreign capital.
