Important Economic Policies - Strategic Management

  1. Industrial policy: The Industrial policy of the government covers all those principles, policies, rules, regulations and procedures, which direct and control the industrial enterprises of the country and shape the pattern of industrial development.
  2. Fiscal policy: It includes government policy in respect of public expenditure, taxation and public debt.
  3. Monetary policy: It includes all those activities and interventions that aim at smooth supply of credit to the business and a boost to trade and industry.
  4. Foreign investment policy: This policy aims at regulating the inflow of foreign investment in various sectors for speeding up industrial development and take advantage of the modern technology.
  5. Export–Import policy (Exim policy):It aims at increasing exports and bridge the gap between expert and import.Through this policy, the government announces various duties/levies. The focus now-a-days lies on removing barriers and controls and lowering the custom duties.
  6. Economic System: The world economy is primarily governed by three types of economic systems, viz.,
    • Capitalist economy;
    • Socialist economy; and
    • Mixed economy. India has adopted the mixed economy system which implies co-existence of public sector and private sector.

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