Q. Industrial Licensing was abolished in India in which year?
Answer: 1991
Notes: Industrial licensing was abolished in India in 1991. The New Industrial Policy of 1991 announced in the Lok Sabha on July 24, 1991. The policy exempted all industries from licensing, except for 18 major industries. The industries that remained under the licensing regime were:
- Electronic aerospace and defense equipment
- Industrial explosives
- A few hazardous chemicals
- Tobacco products
The purpose of industrial licensing is to promote and protect industries from legal issues. The different licenses, permissions, and certificates help industries start their businesses in an organized and well-structured manner.
