Industrial Policy 1948, 1956, 1991 — Mains Questions

Critically analyze the transition of India's industrial policy from the state-led model of 1956 to the market-oriented reforms of 1991. Discuss the factors that necessitated this shift and its long-term implications for the Indian economy.

Examine the constitutional underpinnings of India's industrial policy evolution, particularly referencing Articles 19(1)(g), 39(b), and 39(c). How did the interpretation of these provisions influence the shifts from state control to liberalization?

Discuss the 'License Raj' system in India, its objectives, functioning, and the reasons for its eventual dismantling through the New Industrial Policy of 1991. What lessons can be drawn from this experience for contemporary industrial policy-making?