What is meant by industrial policy?

Industrial Policy is defined as the strategic effort by the state to encourage economic transformation, i.e. the shift from lower to higher productivity activities, between or within sectors. To be effective, its design and implementation needs to take into account both a government’s capabilities and political will.

What are the main industries in Hong Kong?

Financial services, tourism, trading and logistics, and professional and producer services are the traditional Four Key Industries in Hong Kong. They have been the driving force of Hong Kong’s economic growth, providing impetus to growth of other sectors and creating employment.

How did the industrial Revolution affect Hong Kong?

Hong Kong industrialised rapidly from 1963 to 1970. Existing industries continued to prosper, while new industries emerged and thrived as well. The number of factories increased 67% while the number of workers increased 15%. The number of factories and workers in 1970 were 16,507 and 549,000 respectively.

When did Hong Kong industrialize?

The industrialization of Hong Kong is usually dated from the embargoes of the 1950s. Certainly, Hong Kong’s prosperity could no longer depend on the China trade in this decade. However, as seen above, industry emerged in the nineteenth century and it began to expand in the interwar period.

What are the main objectives of industrial policy?

The main objectives of the Industrial Policy of the Government are (i) to maintain a sustained growth in productivity;(ii) to enhance gainful employment;(iii) to achieve optimal utilisation of human resources; (iv) to attain international competitiveness; and (v) to transform India into a major partner and player in …

What is the importance of industrial policy?

The main objective of any industrial policy is to augment the industrial production and thereby enhance the industrial growth which leads to economic growth by optimum utilization of resources; modernization; balanced industrial development; balanced regional development (by providing concessions for industrial …

What made Hong Kong so rich?

A great seaport and commercial center, Hong Kong grew to prosperity on the entrepôt trade with China, its location convenient for transshipment of goods to and from the West. It was natural for Hong Kong to look to its businessmen in time of crisis.

Is Made In Hong Kong the same as made in China?

Imports from Hong Kong to the US will be labeled “Made in China” instead of “Made in Hong Kong” from September 25, according to a notice published on Tuesday by the US Customs and Border Protection, Department of Homeland Security.

What are the features of industrial policy?

7 Main Features of the New Industrial Policy of India

• Abolition of Industrial Licensing: ADVERTISEMENTS:
• Public Sector’s Role Diluted:
• Abolition of Phased Manufacturing Programmes:
• Free Entry to Foreign Investment and Technology:
• Industrial Location Policy Liberalised:
• Removal of Mandatory Convertibility Clause:

  What is the new industrial policy?

  According to the new industrial policy, which has come into effect on April 1, all industrial units coming into commercial production from April 1 as well as the existing units undertaking substantial expansion, shall be entitled for incentives under this policy while the existing units eligible for incentives under …

  What is the recent industrial policy?

  With the New Industrial Policy’ 1991, the Indian Government intended to integrate the country’s economy with the world economy, improving the efficiency and productivity of the public sector. To accomplish this objective, existing government regulations and restrictions on industry were removed.

  Is HK a rich city?

  Hong Kong ranks fourth in this category with 60,425, a decline of 5.4 per cent from the previous year. The global very high-net-worth population slightly increased by 1.3 percent to 2.7 million people in 2020, and their combined wealth rose 1.2 per cent to US$26.8 trillion.

  What is a good salary in HK?

  The approximate amount in USD is 950. The average salary in Hong Kong is much higher. It is also a good figure to base you research on, if you are coming to HK as an expat. The current average salary per month is 19100 HKD (2430 USD) for male workers and 14700 HKD (1875 USD) for female workers.

  Are Hong Kong products better than Chinese?

  When it comes to retail services, the Hong Kong brand gives customers confidence because of its high standards and stringent quality control. To begin with, no one appreciates the Hong Kong brand more than its mainland Chinese neighbours. To them, it’s a sign of refinement and quality and a brand of trust.

  What things are made in Hong Kong?

  15 Hong Kong Products A Traveller Shouldn’t Miss

  • Jade. While pure jade is not for the light-of-pocket, the Jade Market in Yau Ma Tei – with its synthetic merchandise – offers an affordable alternative.
  • Original ChineseTea.
  • Chinese Mailbox.
  • Shrimp Paste.
  • Pinwheels.
  • Temple Charms.
  • McMug (Animation)
  • Asiatic Houseware.

  What are the main provisions of new industrial policy?

  (vi) Ensuring rapid industrial development in a competitive environment. The New Industrial Policy has made very significant changes in four main areas viz., industrial licensing role of public sector, foreign investment and technology and the MRTP act. The major provisions of this policy are discussed below.

  What are the aims of industrial policy?