Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsIndian Economy 1950-19903 Marks
Question
Discuss the principal components of Industrial Policy Resolution, 1956.
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Answer
The principal components of IPR 1956 were:
Three fold classification of industries:
Industries exclusively owned by the state.
Industries in which private sector could supplement the efforts of the state sector
Remaining industries were to be in the private sector: Industrial licensing: This policy was used to promote industry in backward regions, i.e., to promote regional equality. No new industry could operate without a license obtained from the government.
Private entrepreneurs were offered many incentive: Like tax relief, electricity at a lower tariff, etc., to establish their industry in the backward regions of the country.
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