Author: Ankush Talwar, Student at Dr. B.R. Ambedkar National Law University, Sonipat.
Throughout the nineteenth and twentieth centuries, the concept of “industry” has undergone numerous significant changes and has, therefore, evolved beyond comparison. Today it has become one of the most vital and complex forms of organisation in the modern industrialised society. It is indeed true that various labour and industrial legislations have contributed to this process, yet largely these changes are considered to be a result of the globalisation and liberalisation which took place in India during the early 1990s. Originally the term “industry” had a narrow outlook that signifies “a group of companies that are related based on their primary business or trading activities”, however, post globalisation and liberalisation, this concept got widened to include within itself several other factors, like the relationships and interactions between the employers and the employees, human resource management, industrial disputes, and many more. Moreover, the Courts have also tried to interpret the meaning of industry intermittently through several judicial pronouncements and necessary amendments to make this concept much more flexible and broader.
This paper particularly examines the changing concept of “industry” in the wake of globalisation and liberalisation. The main focus of this study is to understand the core concept of industry and the major changes which took place in relation to this notion in the era of globalisation and liberalisation. Furthermore, this paper also briefly highlights both the positive and negative effects of globalisation and liberalisation upon the evolution and overall development of industries in recent times.
Keywords: Industry, Changes, Liberalisation, Globalisation, Legislations, Amendments.