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New Industrial Policy

New industrial policy was applied on 24th July 1991. There were many amendments in this industrial policy. New industrial policy is very different from old industrial policy.

Objectives of New Industrial Policy

1. Main objective of new industrial policy is to free industrial economy from unnecessary control of Indian administrators.

2. To reduce the weak points of different industries in India.

3. To start liberalization for connecting Indian Industries to foreign industries.

4. To remove the restrictions on direct foreign investment.

5. To remove the restrictions of MRTP act on domestic trades.

6. To try best to increase employment in industries.

7. To increase competitiveness in international trade.

8. To make the provision for increasing the profit of public organisations.

9. To 100% use of domestic resources of India.

10. To do more research for effective use of internal resources.

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Technological Environment

Definition of Technological Environment :-


“Technological Environment means the development in the field of technology which affects business by new inventions of productions and other improvements in techniques to perform the business
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Objective of Business Environment

Following are main objectives of business environment:
1. Knowledge of Information 
By studying the business environment, we can know the changes of business. This information is very useful for our business. Every businessman should aware current environment of business. With this, he can think the future of his business in such environment. 
2. Basis of Decisions 
One of main objective of the study of business environment that it can provide all the information which is needed for taking good decisions. Suppose, you completed your internal business environment study. With this study, you can take decision relating to purchase, sale, salary and price because you know your competitor, you know your suppliers and you know your customers. 
3. Helpful in making of Policies 
For making good business policies, we need to know and scan business through business environment. 
4. Technological Planning 
Today, technology is changing very fastly. 3 years ago, I have to search software for downloading …

Limitation of Business Environment Analysis

Following are main limitation of business environment analysis:

1. Unexpected and Unanticipated Events 

We can not tell unexpected and unanticipated events in business environment analysis. Sometime, business has to face unexpected happenings. So, there will no benefit of business environment in these cases.

2. No sufficient Guarantee

Business environment analyst does not give any guarantee whether all events will happen as per estimation in business environment.

3. Uncritical Faith 

Sometime data may be incorrect. So, decisions on basis of these analysis may be risky for business.

4. To much information

Sometime too much information relating to business environment analysis will create the doubt in businessmen.