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

The objective is to establish a socialist society via state control of industries, guaranteeing fair resource allocation. Public sector ownership of strategic industries, such as defense, railways, and heavy machinery, is mandated for national security and self-sufficiency. Private sector activities will be limited to preclude the accumulation of wealth and influence by a select few.