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Analyse the role that an industrial policy plays from an economic growth perspective and its implications for sustainable economic development.

Topic: changes in industrial policy and their effects on industrial growth.

4. Analyse the role that an industrial policy plays from an economic growth perspective and its implications for sustainable economic development. (150 words)

Difficulty level: Tough

Reference: Live Mint

Why the question:

The article discusses the renewed attention to industrial policy and its potential merits in the context of economic development, prompting a deeper examination of this shift in economic thinking.

Key Demand of the question:

To write about industrial policy and its potential impact on economic growth and development.

Directive word: 

Analyse – When asked to analyse, you must examine methodically the structure or nature of the topic by separating it into component parts and present them in a summary.

Structure of the answer:

Introduction: 

Begin by objectives of concept of industrial policy.

Body:

In the first part, write about the need for an industrial policy – changing global economic dynamics, the limitations of laissez-faire policies, and the need for strategic government intervention etc.

Next, write about the potential implications of industrial policy on growth and development – including the promotion of domestic industries, innovation, job creation, and sustainable economic growth.

Conclusion:

Conclude by summarising.