Benchmark Criteria for Industrial Policy

Vocabulary flashcards outlining the core benchmark criteria for industrial policy and regional development.

Competitiveness

Industries established through industrial or regional policies must be able to compete globally without relying on permanent state protection or continuous state financial assistance.

Sustainability

Economic development must be long-term and self-sufficient, ensuring that human and natural resources are used efficiently without draining public finances.

Good Governance

Development strategies and industrial support programmes must be managed transparently, accountably, and free from corruption, with rigorous monitoring and evaluation.

Free Market Orientation

Industrial policies must align with market principles to encourage investment, entrepreneurial initiative, and healthy competition without causing market distortion.

Integration

Industrial and regional development must link various sectors and regions together to spread economic benefits and industrial spillovers across connected industries.

Provision of Resources and Social Capital

The state must invest in the foundational ecosystem—such as human capital (education/health) and physical infrastructure (transport, logistics, energy)—to support industrial output.