The second five-year plan gave high priority to industrial development aimed at setting up a number of heavy industries such as steel plants, capital goods industries, etc., for which direct government participation and state involvement was needed and hence the _______ was launched.

Question

Question

This question was previously asked in

RRB Group D 29 Aug 2022 Shift 2 Official Paper

Answer 1

The correct answer is Industrial Policy Resolution 1956. Key Points

Industrial Policy Resolution 1956
- The establishment of several heavy industries, including steel plants and capital goods sectors, was a top objective for the second five-year plan. Since these businesses required direct government involvement and the state, the Industrial Policy Resolution 1956 was established.
- After the Industrial Policy of 1948, it was India's second in-depth pronouncement on industrial growth.
- For a very long time, the 1956 policy remained the cornerstone of economic policy.

Additional Information

Indian five-year plans. This resolution states that the establishment of a socialistic social structure was the goal of India's social and economic policy. It gave the governmental apparatus more authority.
The IPR 1956 also emphasised the need to provide facilities for employees, a favourable attitude toward foreign investment, and fair and non-discriminatory treatment for the private sector. It also encouraged village and small-scale firms and worked to eliminate regional inequities.