Industrial Policy Law and Legal Definition

Industrial policy refers to a nation's declared official, total strategic effort to influence sectoral development and, thus, national industry portfolio. It is the true determinant of foreign investment as well as domestic investment. An ideal industrial policy aims to bring higher growth and prosperity for a country. It aims to maintain a sustained growth in productivity, enhance gainful employment, achieve optimal utilization of human resources, attain international competitiveness and transform the country into a major partner and player in the global arena.