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312 Economic Survey 2021-22

8.80 The Government has charted out a comprehensive programme for industrial transformation.
With emphasis on supply side measures, the reforms address long known bottlenecks of
insufficient infrastructure, tardy business processes and labour market reforms. Introduction of
the production linked incentive schemes intends to encourage the scaling up of industries that
are strategic in nature or are technology intensive. The objective being to create the capacity to
integrate with the global value chains. Several measures have been taken to reduce transaction
costs especially for the small and medium enterprises as well as facilitate inflow of capital,
technology and international best practices into the industries. The new CPSE policy provides
a roadmap for disinvestment, opening up avenues for their further growth and improvement in
efficiency while enabling the government to focus its resources on developmental needs of the
country.

8.81 The recovery of the industrial sector, positive business expectations propelled by extensive
reforms and improved consumer demand, suggests that further improvements in the industrial
performance can be expected.