In which year was the Industrial Policy Resolution adopted?

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69th BPSC Prelims Exam Official Paper (Held On: 30 Sept, 2023)
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  1. 1956
  2. 1954
  3. 1952
  4. 1950

Answer (Detailed Solution Below)

Option 1 : 1956
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The 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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