New Industrial Policy A Capitalist Manifesto

New Industrial Policy: A Capitalist Manifesto H K Paranjape The new industrial policy statement recently tabled in parliament by the Congress(I) government is a significant departure from the policy framework that was laid down in 1956. The new policy package, whose principal elements are market friendliness, privatisation and the opening up of the economy to foreign capital and trade, has been introduced ostensibly as a solution to the financial and balance of payments crisis that has resulted from following precisely these kind of policies in the last decade. This paper, through a detailed examination of different aspects of the proposed package, concludes that this package is likely to worsen the crisis, not remedy it.