Industrial Policy Evolution — Prelims Strategy

Prelims Strategy

For Prelims, a strong focus on factual accuracy and chronological understanding is paramount. Start by creating a detailed timeline of all major Industrial Policy Resolutions (1948, 1956, 1980, 1991) and significant legislative changes (IDRA, MRTP/Competition Act, FERA/FEMA).

For each policy, identify its core objectives, key features (e.g., number of industries reserved for public sector, FDI limits), and immediate impact. Pay special attention to the characteristics and criticisms of the 'License Raj' era.

For recent initiatives like 'Make in India', 'Atmanirbhar Bharat', and PLI schemes, understand their launch year, primary goals, and the sectors they cover. Memorize relevant constitutional articles like 19(1)(g) and 19(6) and their implications.

Practice MCQs that test comparative understanding (e.g., IPR 1956 vs. NIP 1991) and the sequence of events. Focus on keywords and their definitions (e.g., disinvestment, import substitution, liberalization).

Current affairs related to industrial policy, such as new PLI sectors or major investment announcements, must be tracked diligently, as they are increasingly becoming a source of Prelims questions. Use mnemonics like 'FLIP-COIN' to recall the phases of evolution effectively.