Question

"The industrial sector performed poorly in the economic reform period."

Elucidate the given statement.

Answer 1

During economic reforms, industrial development has slowed. This results from a decline in the market for industrial goods for the following reasons:

1. The demand for local industrial items has declined due to cheaper imports.
2. Globalisation made possible the free flow of products and services from other nations, but it had a negative impact on local industries and job prospects in developing nations.
3. High non-tariff barriers continue to prevent developing countries like India from accessing the markets of developed nations.
4. Infrastructural facilities like the power supply received insufficient funding.