The first ever Industrial Policy Resolution of India was announced in the year ______.

Question

Question

This question was previously asked in

RRB NTPC CBT 2 Level -6 Official paper (Held On: 9 May 2022 Shift 1)

Answer 1

The correct answer is 1948.

Key Points

The first industrial policy statement of India is known as Industrial Policy Resolution.
It was announced in the year 1948.
It defined the role of the State in industrial development both as an entrepreneur and authority.
Industrial Policy Resolution,1948 states that India is going to have a Mixed Economic Model.
The Industries (Development and Regulation) Act was passed in 1951.
It was passed to implement the Industrial Policy Resolution, 1948.

Additional Information

India’s Industrial Policy classified industries into four broad areas:
- Strategic Industries (Public Sector) - It included in its ambit the manufacture of arms and ammunition, production and control of atomic energy and the ownership and management of railway transport. These industries became the exclusive monopoly of the Central government of India.
- Basic/Key Industries (Public-cum-Private Sector) - This included coal, iron and steel, aircraft manufacture, shipbuilding, manufacture of telephone, telegraphs and wireless apparatus, and mineral oils. New undertakings in this category could be started only by the state government.
- Important Industries (Controlled Private Sector) - This included industries of basic importance like machine tools, chemicals, fertilizers, non-ferrous metals, rubber manufacturers, cement, paper, newsprint, automobiles, electric engineering, etc. for which the Central Government would feel necessary to plan and regulate.
- Other Industries (Private and Cooperative Sector) - It included those industries which were left open to the private sector, individual as well as cooperative.