Question

The Industrial Policy Resolution of 1948 on which one of the following features?

• A. Increase employment opportunities and improvement of living standards
• B. Foreign Technology agreement
• C. Accepted the importance of small and cottage industries in industrial development
• D. MRTP Commission Act introduced for India's industrial growth

Hint:

Industrial policy reforms often aim to balance the growth of large industries with smaller, local industries.

Answer 1

The Correct Option is C

The Industrial Policy Resolution of 1948 was a significant policy document in India's post-independence economic planning. It aimed to set the groundwork for the country's industrial development and economic strategy. Among its various features, it specifically:

• Recognized the essential role of both public and private sectors in the nation's economy.
• Emphasized the importance of small and cottage industries in the overall industrial development. This is because these sectors were seen as pivotal for providing employment opportunities and fostering economic growth at the local level.

Thus, among the given options, the feature that aligns with the Industrial Policy Resolution of 1948 is: Accepted the importance of small and cottage industries in industrial development.