Question
Download Solution PDFWhat is the purpose of the Licensing Policy in India?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFCorrect Answer To promote regional equality
Key Points
- The aim of Licensing Policy was to keep the private sector under control.
- No new industry was allowed unless a license was obtained from the government.
- This policy was used for promoting industries in backward regions.
- Even an existing industry had to obtain a license for expanding output or for diversifying production.
- For producing a new commodity the license was compulsory.
- This was to ensure that the quantity of goods produced was not more than what the economy required.
- License to expand production was given only if the government was convinced that the economy required a larger quantity of goods.
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