Answer:
Following are the four impacts of government policy changes on business and industry: (i) Increasing Competition Changes in the rules of industrial licensing resulted in entering of foreign firms which has increased the competition for Indian firms. (ii) Need for Developing Human Resource The new market conditions require trained, committed personnel. Hence, the need for developing human resources arises. (iii) Market Orientation It implies that after the changes in government policy, the firms first have to study the market and then produce the goods accordingly. (iv) Loss of Budgetary Support to the Public Sectors Public sectors have less of budgetary support from the Central Government. Now, they have to generate their own resources and be more efficient in order to survive and grow.
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