ABSTRACT
Public policy is an attempt by the Government to address a public issue. Government frequently designs policies to make laws, regulations, decisions, and actions. Public policy-making typically consists of three parts such as the problems, players, and the policy. Strategic tool has been recognized to endeavor economic prosperity that deliberately incorporates planning and priorities. Industry development that contributes greatly toward economic development has been considered as an imperative illustration which often seeks new approaches for addressing challenges owing to varying global environment. Third world nation is a nomenclature given to developing and poor countries. Such countries have the curiosity to know more about policies adopted by developed countries to create economic growth. They face challenges owing to chaos and complexity that has emerged due to globalization. Therefore, situation makes them difficult to implement plans of economic growth. The chapter aims to highlight method of addressing challenges and come out with a win-win situation. Further aim of this chapter is to acquire an improved understanding of the basis of designing policies and arrive at universal methodology and approach. Economic development is the prime area of interest amongst majority of countries and in that context the chapter discusses those emerging policies exhaustively.
