Outline and discuss the classification of industries into various categories as per Industrial Policy Resolution, 1956.
Outline and discuss the classification of industries into various categories as per Industrial Policy Resolution, 1956.
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Solution and Explanation
Schedule A: Includes industries of national and strategic importance, such as defense, atomic energy, and railways. The future development of these industries was to be the exclusive responsibility of the State.
Schedule B: Includes industries that were to be progressively state-owned, with private sector participation under government regulation. Examples include chemical industries, fertilizers, and machine tools.
Schedule C: Includes all remaining industries not covered under Schedules A and B. The development of these industries was left to private enterprise, although the State could guide and support them.
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