GENERAL KNOWLEDGE

Detailed explanation-1: -The Industrial Policy Resolution of 1948 was followed by the Industrial Policy Resolution of 1956 which had as its objective the acceleration of the rate of economic growth and the speeding up of industrialisation as a means of achieving a socialist pattern of society.

Detailed explanation-2: -Industrial Resolution Policy 1956: Evolution Mahalanobis model suggested the dominance of the heavy industries. It laid the foundation for India’s second five-year plan and Industrial policy Resolution 1956, which paved the way for the development of the Public Sector and license raj.

Detailed explanation-3: -Industrial Policy Resolution, 1956 (IPR 1956) This has provisions for Public Sector, Small Scale Industry, Foreign Investment. To meet new challenges, from time to time, it was modified through statements in 1973, 1977, and 1980.

Detailed explanation-4: -The 1956 Policy emphasised the need to expand the public sector, to build up a large and growing cooperative sector and to encourage the separation of ownership and management in private industries and, above all, prevent the rise of private monopolies.