Key facts

  • LPG reforms in 1991 followed a balance-of-payments crisis, with the 1991-92 Budget speech noting foreign exchange reserves of about Rs.
  • New Industrial Policy 1991 reduced licensing, narrowed public-sector reservation, and widened automatic approval for foreign technology and selected f...
  • IIP uses base year 2022-23 and covers mining and quarrying, manufacturing, electricity and gas supply, and water supply, sewerage and waste management...
  • National Manufacturing Policy 2011 aimed at 12-14 percent manufacturing growth, a 25 percent GDP share by 2022, and 100 million additional jobs.
  • GST came into effect from 1 July 2017 under the 101st Constitutional Amendment and created a destination-based indirect tax system through the GST Cou...

Key Points at a Glance

  1. 1

    LPG reforms in 1991 followed a balance-of-payments crisis, with the 1991-92 Budget speech noting foreign exchange reserves of about Rs. 2,500 crore, enough for a fortnight of imports.

  2. 2

    New Industrial Policy 1991 reduced licensing, narrowed public-sector reservation, and widened automatic approval for foreign technology and selected foreign equity.

  3. 3

    IIP uses base year 2022-23 and covers mining and quarrying, manufacturing, electricity and gas supply, and water supply, sewerage and waste management as a monthly volume indicator.

  4. 4

    National Manufacturing Policy 2011 aimed at 12-14 percent manufacturing growth, a 25 percent GDP share by 2022, and 100 million additional jobs.

  5. 5

    GST came into effect from 1 July 2017 under the 101st Constitutional Amendment and created a destination-based indirect tax system through the GST Council.

  6. 6

    IBC 2016 created a creditor-in-control insolvency process before the National Company Law Tribunal, with a 180-day CIRP and a later 330-day outer-limit frame including litigation time.

  7. 7

    National Infrastructure Pipeline for FY 2020-25 projected infrastructure investment of about Rs. 111 lakh crore, while PM Gati Shakti was launched on 13 October 2021 for integrated planning.

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National income and industrial indicators

National income questions in an objective exam usually test which indicator measures what. The source facts here are mainly industrial indicators. Index of Industrial Production is a monthly volume indicator with base year 2022-23. Its revised basket covers 1,042 products mapped to 463 item groups across mining and quarrying, manufacturing, electricity and gas supply, and water supply, sewerage and waste management. It is useful for reading short-term production momentum, but it does not measure profits, value added, informal production or quality improvement.

Gross Value Added gives a broader national-account view. Manufacturing share in GVA in FY 2023-24 remained near the 17 percent band, while policy ambition has often aimed at a 25 percent manufacturing share. Annual Survey of Industries gives organised factory detail, exports indicate competitiveness, and state data show cluster depth. Output may rise even when manufacturing share stays stable because services and construction can also expand.

For MCQs, remember the match: IIP means quick physical output, GVA means value-added structure, ASI means organised factories, and exports show external competitiveness.

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