1. Introduction

The landscape of the global economy is undergoing rapid change. Developing countries are outpacing developed countries in terms of growth and diversity. Globally, the composition of the industrial sector is changing. Aspects such as technology, efficiency, environment, and competitiveness are emerging as key determinants of growth and performance. The changing patterns of economic growth are giving way to new segments and sectors. The ranking of countries in the top league of industrial growth, performance, and competitiveness have also undergone rapid change.

In this context, the Government of India has also been undertaking several policy measures and incentives, from time to time, in order to promote rapid industrialization in the country. Rapid industrialization is aimed at achieving various socio-economic objectives, including but not limited to, generating employment, economic growth, reducing debt burden, promoting foreign direct investment (FDI) inflow, enhancing self-reliant production and distribution, reducing regional disparity as well as diversifying and modernising the existing economic set up.