Question
Download Solution PDFIn which year was the Industrial Policy Resolution adopted?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 1956.
Key Points
- Industrial Policy Resolution, 1956
- This second industrial policy was announced on April 20, 1956, which replaced the policy of 1948.
- In 1956 the Indian Policy Resolution was adopted by the Parliament.
- The features of this policy were:
- A new classification of Industries.
- Non-discriminatory and fair treatment for the private sector.
- Promotion of village and small-scale industries.
- To achieve development by removing regional disparity.
- Labour welfare.
- It was regarded as the “Economic Constitution of India” or “The Bible of State Capitalism”.
Additional Information
- Industrial Policy of 1948
- The first industrial policy after independence was announced on 6th April 1948.
- It was presented by Dr. Shyama Prasad Mukherjee the then Industry Minister.
- The main goal of this policy was to accelerate the industrial development by introducing a mixed economy where the private and public sector was accepted as important in the development of the economy.
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