The following booklet titled, “New Industrial Policy ” was published in 1978 after the Janta Party released a statement on the industrial policy in 1977. In this text, the author, Minoo R. Shroff pens down the political and economic interpretations of this statement, in the context of the Janta Party’s overarching economic policy released in 1977. The author conveys in a lucid manner, the central ideas contained in both of the documents which seek to identify and mitigate the various reasons for the incessant stagnation in the Indian economy. This text is based on a public lecture delivered under the auspices of the Forum of Free Enterprise on 27th February, 1978, in Bombay.