INDIA'S INDUSTRIAL AND TRADE POLICIES AND ITS IMPACT ON THE STRUCTURE AND COMPOSITION OF MANUFACTURING SECTOR

Arunabh Jyoti Malakar; Manash Pratim Sarma

doi:10.69980/tk0mnj34

Authors

Arunabh Jyoti Malakar Research Scholar, Dept. of Economics, Gauhati University
Manash Pratim Sarma Assistant Professor, Dept. of Economics, PDUAM Dalgaon

DOI:

https://doi.org/10.69980/tk0mnj34

Keywords:

Trade, Industry, Manufacturing Sector, Policy

Abstract

This article sheds light on how the industrial sector in India is changing. India's economy is significantly influenced by its industrial sector. India has enacted a number of trade and industrial policies throughout the years to aid in the expansion and advancement of the manufacturing industry. Over the years, India's industrial and trade policies have also changed significantly; in the 1990s, the nation moved from import substitution to liberalisation. This paper tries to examine the impact of India’s trade and industrial policies on the structure and composition of its manufacturing sector. It traces the evolution of these policies from the pre-independence era to the present day, and analyses how they have influenced the growth, competitiveness, and diversification of the sector. The paper also assesses the challenges and drawbacks of the policies, and suggests some policy recommendations for the future. The paper argues that trade and industrial policies have been crucial in shaping the manufacturing sector, but they also need to be coherent, consistent, and flexible to adapt to the changing market conditions and global standards. The paper contributes to the literature on India’s economic development and industrialization by providing a comprehensive and historical perspective on the role of trade and industrial policies. An overview of these policies' effects on the makeup and organisation of India's industrial sector is given in this study. The paper emphasises how policies that promote exports, diversify product lines, draw in foreign investment, and boost competition have a good effect on manufacturing. The piece does, however, also draw attention to issues like inadequate infrastructure. The article's conclusion is that while India's trade and industrial policies have been instrumental in reforming the manufacturing sector, there is still more that can be done to improve the industry's competitiveness and long-term growth prospects.

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