Major objectives of the New Industrial Policy 1991 :-

i. To build on the gains already made,

ii. Correct the distortions or weakness that have crept in.

iii. Maintain a sustained growth in productivity.

iv. Gainful employment and attain international competitiveness.

Role of Globalisation:-

(1) opening of the economy to foreign direct investment by providing facilities to foreign companies to invest in different fields of economies activity in India

(2) removing restrictions and obstacles to the entry of multinational companies in India.

 (3) allowing Indian companies to enter into foreign collaboration in India and also encouraging them to set up joint ventures abroad.