Which industrial policy resolution is based on resolution of 1956?
India’s second five year plan and Industrial policy Resolution 1956, which paved the way for development of Public Sector and license raj; were based upon this model. The four fold classification of the 1948 Industrial Policy was changed now to a threefold classification in Schedule A, B and C industries.
What is industrial policy Resolution Act 1956?
Industrial Policy Resolution of 1956 (IPR 1956) is a resolution adopted by the Indian Parliament in April 1956. According to this resolution the objective of the social and economic policy in India was the establishment of a socialistic pattern of society. It provided more powers to the governmental machinery.
What were the features of industrial policies of 1956?
The main features of this Industrial Policy Resolution of 1956 were as follows:
- New Classification of industries:
- Assistance to Private Sector:
- Expanded role of Cottage and Small-Scale Industries:
- Balanced Industrial Growth among Various Regions:
- Role of Foreign Capital:
- Development of managerial and Technical Cadres:
How are the industries classified according to the Industrial Policy Resolution 1956?
According to this resolution, industries were classified into following three categories Category 1 Those industries that were established and owned exclusively by the public sector. Category 3 Those industries that are not included in Category 1 and Category 2 were left to the private sector.
How many industries were there in the first categories of industrial policy of 1956?
17 industries
The Industrial Policy Resolution – 1956 classified industries into three categories. The first category comprised 17 industries (included in Schedule A of the Resolution) exclusively under the domain of the Government.
Which is the latest industrial policy of India?
With the New Industrial Policy’ 1991, the Indian Government intended to integrate the country’s economy with the world economy, improving the efficiency and productivity of the public sector. To accomplish this objective, existing government regulations and restrictions on industry were removed.
How are the industries classified according to the industrial policy Resolution 1956?
What are the main components of New industrial policy of India?
Deregulation, competitive efficiency and globalization are three major factors of new industrial policy. It is well established that Indian economy is a vibrant economy that exhibit remarkable potential of growth. Globalization, liberalization and privatization are major strategic mandates for economic policies.
Why was the industrial policy of 1991 new?
On July 24, 1991, Government of India announced its new industrial policy with an aim to correct the distortion and weakness of the Industrial Structure of the country that had developed in 4 decades; raise industrial efficiency to the international level; and accelerate industrial growth.