Question

(a) Elaborate the reasons owing to which the private sector was regulated under the Industrial Policy Resolution, 1956.

Hint:

Link the 1956 Industrial Policy to the goals of equitable growth, social justice, and national security for comprehensive answers.

Answer 1

Establishing a socialistic society by ensuring equitable distribution of resources through state control over industries. Reserving key industries like defense, railways, and heavy machinery for the public sector to ensure national security and self-reliance. Preventing the concentration of wealth and power in a few hands by restricting private sector activities.