Dr.

Ram Manohar Lohiya National Law

University, Lucknow

B.A. L.L.B. (Hons.), Semester I

(2018-2023)
ECONOMICS
Topic: Trends in Industrialization Before and After 1991

Under the supervision of: Submitted By:

Dr. Mitali Tiwari Aayaksh Chadha
Assistant Professor (Economics) Roll. No. – 1
Section – A
Enrollment Id: 180101003
1) INTRODUCTION
Industrialisation is defined as a period of social and economic change that transforms a
human group from an agrarian society into an industrial society, involving the
extensive reorganisation of an economy for the purpose of manufacturing.
India after independence followed the practice of having key industries under the
control of government. These nationalised firms were also subsidised and to promote
these the government imposed heavy tariffs on imports.
This classical Indian state-directed industrialisation model held sway for three
decades, from 1950-1980. The model began to erode in the 1980s. Following a serious
external liquidity crisis in 1991 the model appeared to be fundamentally changed, if
not abandoned altogether.
The change away from India’s traditional industrial policy in 1991 towards
liberalisation, deregulation, and market orientation has been hailed as ushering in a
new era of freedom from government controls and one which promises greater
prosperity for the Indian people. This unshackling of the economy is credited with
achieving the huge increase in India’s trend rate of growth of GDP, from the rate of 3
to 3.5 percent during 1950-80 to nearly 6 to 7 percent per annum over the last two
decades.

2) RESEARCH QUESTIONS
a) What was the system before 1991?
b) When did the need for liberalisation start?
c) What was the policy of industrialisation?
d) What are the trends after 1991?

3) OBJECTIVES
a) To study the system before 1991 and find its shortcomings
b) To study growth of economy and industrialisation before and after 1991
c) To study the present policy relating to industrialisation and look at future trends

4) RESEARCH METHODOLOGY
The research methodology adopted for this project has been Doctrinal. Various books,
newspaper articles and magazines, etc. have been used for this purpose. Web sources have
also been consulted for the research.
5) TENTATIVE CHAPTERISATION
a) Introduction
b) Trends on industrialisation before 1991
c) The industrial policy of 1991
d) Trend in industrialisation after 1991
e) Present industrial policy and future trends
f) Conclusion
g) Bibliography

6) BIBLIOGRAPHY
a) https://en.wikipedia.org/wiki/Industrialisation
b) https://www.britannica.com/topic/industrialization
c) https://en.wikipedia.org/wiki/Economic_liberalisation_in_India
d) http://www.preservearticles.com/2012013022068/short-notes-on-industrial-policy-1991.html
e) https://www.gktoday.in/new-industrial-policy-1991/
f) http://www.jagranjosh.com/general-knowledge/new-economic-policy-of-1991-objectives-features-
and-impacts-1448348633-1
g) http://www.yourarticlelibrary.com/economics/get-complete-information-on-industrial-policy-of-
india-1991/3004