A Few Conceptual Issues Murali Patibandla In the context of the recent policy reforms, the industrial policy has two alternative policy options. One is the pursuit of a neutral competition policy, that does not interfere with a market structure or its evolution, but monitors and restrains anti-competitive conduct of firms. The other policy alternative is the one that plays an active role in the evolution of an .industrial structure and conduct and performance of firms. The paper brings out a few conceptual issues regarding these policy options.