 The learners, we shall take up the part 2 of your unit that is on industrial policies. This is a part of your business environment course and the industrial policies we have been discussing in the previous part, we discuss about the mixed economy, liberalisation etcetera. And in this part, we shall take up 3 learning objectives. One is to outline the evolution of industrial policies in India, to outline the industrial policies liberalisation 1948 to 1991, to explain the pieces of new industrial policy NEP 1991. In the previous video also, I told you that from the beginning of 1990s, there have been certain changes in the industrial policies, the way business are conducted in our country. And we got independence in 1947, 1948 the first industrial policy liberalisation were made, till 1991 a series of industrial policy liberalisation were made. And in order to understand the present day functioning of the industries, we need to understand the historical context, to that extent we should be clear about the evolution of industrial policies in our country. Because what we are experiencing today is not the turn out of some overnight measures, it is all are accumulated effects of the different policies that our successive governments have taken over the last few decades. So it is all started from 1948, when India got independence in 1947, before that we were under the British regime. So when we were under the British regime, the things were a bit different. As we all know, Mahatma Gandhi propounded that Swaraj, we need to be self-sufficient and in order to do that, we need to be with our small cottage industries, handloom industries, handicraft, all this. With the advent of British rule in India, Indian industries faced threats. Earlier our Indian exporters exported spices, textiles, we were doing lot many things. But when British came to India, our Indian industries started facing threats. Industrial revolution in England, Manchester, textile industries, so they had enormous production that needs to be sold. So where it needs to be sold? They were in charge of the territories, in charge of the colonies. So India became a colony. So those products which came out because of the industrial revolution in England and at the same time their trade policy, that they will make all these things available at the same time, they will not promote, they will not create a congenial environment for the Indian industries on this paved the industrialization in pre-independence era. But post-independence, India adopted the industrial policy resolutions on 6th April 1948. My dear learners, the way as we are living as on today, we are having lot many products which are made available by our industries. Think about the situation at the time of independence. British left us, we did not have many industries. So we need to adopt the industrial policy resolutions. So 1948, the first industrial policy resolutions were adopted. And because of this, the country was in a position to have various procedures, principles, rules, regulations for controlling industrial enterprises. We discussed in part one of this video about the mixed economy and this got reflected in the industrial policies. So 1948 contemplated a mixed economy, that there will be share of public sector as well as private sector. Both will co-exist. 1948 exclusive government monopoly and unregulated private enterprises. The private enterprises will have to be regulated. And suppose railways, defense, etc., government will have that. Majority say 1956, another set of industrial policy resolutions came out and that was mostly concerned about new classification of industries for state and private sectors by developing schedules. Certain schedules were developed and certain of those schedules, certain items were reserved for small industries and certain items were reserved for foreign investment. So this was a landmark thing in 1956 industrial policy resolutions. 1977 another development took place. So development of small-scale industrial sector, areas for large-scale sector, for capital goods, high technology industries, etc., came in. 1980s reaffirming fate in MRTP and FARA, de-reserving items from SSI. So in 1980 some major development took place in terms of creating the pathways for liberalization, which started in early 1990s. So during the tenure of Rajiv Gandhi government, there were the banks, the private sector banks came in. Computerizations were highly propounded despite the hostility, despite the protests by the bank unions. So these were some of the things which started taking place in 1980s. And then in 1991 to respond to the call of the liberalization on 24th July 1991, then by the Narasimha Rao government, when Dr. Manmohan Singh was the finance minister, the new industrial policy 1991, that came into being. So evolution of industrial licensing, India was earlier known as license raj. So licensing, there were loss of ease. It was not that difficult. Earlier suppose there were bazaar scooters, like they will have to have a license of manufacturing 5000 scooters only. Now that if the market can absorb, they can manufacture 50000 also, something of that sort. So earlier the capacity was defined. Now that it has to respond to the market forces. Policy regarding public sector list reduced to 8 from 17. So that is the DCDO link. Foreign technology and investment and encouragement, that was another feature of 1991 industrial policy. Removal of mandatory convertible clause banks had the right to convert low amount into equity. Earlier they were not having that privilege. Market friendly and entrepreneurial family, the economy becoming more and more of market friendly and entrepreneurial family. And first real end of license permit raj. Earlier suppose the cement factory, the tons will be specified this much tons only. Now that you can have your own size provided market can absorb it, provided you can sell it. So that is the spirit of revitalization, that is the spirit of privatization, that is the spirit of globalization, which where the major officials which were incorporated into the policy framework of 1991. So thank you. We shall cover the remaining two learning objectives in part three of the video. Thank you.