 Dear learners, this BBA program, the business environment course, I shall take up unit 3. Unit 3 is all about industrial policies. What I will do? I shall cover this unit on industrial policies, the details of which are given in your SLM, your self-learning material. And I shall cover this unit into 3 parts, in 3 parts, part 1, part 2, part 3. And this part 1, part 2, part 3, these 3 parts are made based on the learning objectives which are given at the beginning of your unit. So, in part 1, we shall discuss about the industrial policies based on these learning objectives. This your unit is written with the concept of the developing economy. So, we shall explain the meaning of developing economy. Then, we shall discuss the meaning of mixed economic system and economic reforms, because these are all essential parts while trying to understand the rationale and the coverage of industrial policies. We all, right, India is known, right, as a developing country. At the same time, India is also known as an emerging economy. My dear learners, there is a concept called BRIC, BRIC countries. BRIC countries, it comprises of 4 countries, Brazil, Russia, India and China. These 4 are known as emerging economies. Developed countries, we all know, we are developing economies. At the same time, we are emerging economies. Means, we are developing fast, but yet to reach the developed state, we are emerging. Then, there is the underdeveloped countries. Also, there are some countries which are not developed as far as the developmental indicators are concerned. Then we shall discuss the meaning of mixed economic system. Mixed economic system, say in terms of having public sector as well as private sector and off-lead since the 1990s in our country or globalization, right, many countries are adopting the measures of economic reforms. So, we shall take up these 2 aspects in this small video of 10 minutes. Developed country implies relatively high level of economic growth. Say, United States of America, Canada, UK, Germany, Switzerland, these are the examples of developed countries because they have high level of economic growth and that economic growth and current process the entire country. Per capita income of the citizens of those countries are high. They have got high level of industrialization. They have got high standard of living and they have got high infrastructural facilities in terms of, say, road infrastructure, railway infrastructure, airport infrastructure, irrigation infrastructure, marketing infrastructure. They are developed in all those indicators. That is why they are known as developed countries. So, developed countries have got these developmental indicators at a high level. Non-economic factors also they are, suppose high attainment in education, they are highly educated. Health indicators, these are non-economic. Say, health indicators are also good. Based on all these emerging economies, developing economies, etcetera, are scattered. So, this point I think you are clear that how a country is developed depends on certain indicators. That was like per capita income, the facilities, infrastructural facilities, level of industrialization, health facilities, educational facilities, all these. Developing economies, United Nations Conference on Trade and Development, UNCTAD, in short it is called UNCTAD. They point out the least develop of developing countries are, they are deemed highly disadvantaged in their development process. Many of them for geographical reasons, suppose they are located in the results, they find it difficult. They face more than other countries, the risk of failing to come out of poverty, because they are always caught in poverty only. It is very difficult. It is a vicious cycle that they have to remain in within the vicious cycle of poverty. So, these are the developing economies. Many African countries are developing economies. They have not been able to come out of the vicious cycle of poverty. Our country, India, is an example of mixed economy. What is mixed economy? Say, before independence, okay, we didn't have our own industrial policies as such. 1948, we had the first industrial policy. After independence, when we got independence in 1947, 1950, we became a republic. So, first government of India, under Pandit Jawaharlal Nehru, adopted a mixed economy policy. So, these things, these things of this Indian economy being a mixed economy are as follows. Co-existence of public and private sectors. The private sector should be there, public sector should be there. So, still authority of limited, India limited, Bharat heavy, electrical limited, Indian railways, inland, right, port authority, airport authority of India. These are all public. So, it's a co-existence of public and private sectors. Airport authority of India will have the airports and within the airports, Air India is a public sector organization. The SPICE-Z is a private sector organization. All of them will co-exist. That is the feature of mixed economy. Public sector participation in giant industries. As I have told you, Bharat heavy, electrical limited, fail, Hindustan machine tools, Bharat art movers limited, these are all big, big public sector organization. Oil and Nassayel gas corporation, Oil India limited, Indian oil corporation, these are all public sector. And they are participating in giant industries, big refineries. And mixed economy, another feature is government control and regulation of private sector. After liberalization, the regulation is coming down, but before liberalization, before 1990s, it was told to be as licensed rugs. Means the private sector organizations will have to operate within the definite licenses that they will obtain from government. So, control of monopoly and reduction of economic inequalities, that was another feature of the mixed economy. Control of monopoly, there was earlier the monopolies and restrictive trade practices act. Monopolies were restricted. So, public sector, private sector, that was the coexistence features. But in 1990s, when the advent of globalization, our country also adopted the economic reforms. So, these economic reforms shifted our priorities. Earlier it was structural adjustment in the global environment, because it is an advent of globalization. All the countries are liberating their economies, they are all are merging with the global economies. So, that requires certain structural adjustment. So, our country also adopted certain structural adjustment. So, earlier it was only the department of telecommunications and Bharatshan Charning Unlimited. So, Mahanaka Telephone Unlimited, Bideshan Charning Unlimited. Those were the public sector, but ARTL came into being, Reliance Telecom came into being. All these private sectors were given entry into the telecom sector. Likewise, banks also, earlier it was only the banks were nationalized, but now the STFC bank, Axis Bank, they all became the private entries came into being. So, liberation freedom from determining scale, control and simplification of procedures. That liberation started in early 1990s. Privatization, transfer of ownership from government, that has become a norm. Many of the organizations have been privatized. Globalization, free flow of goods, a thing produced in Vietnam would be marketed by a company of France and that might be sold in India. That is not an Indian produce. A Vietnam is produced, marketed by a French company and available in India, say Decathlon in Guwahati. So, this is the force of globalization. You can produce anywhere, you can sell anywhere. So, these are the various aspects which we need to cover as far as mixed economies concern. We shall come to the part two of your unit to discuss the other learning objectives. Thank you.