How were the industries classified according to the Industrial Policy Resolution, 1956?
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The Industrial Policy Resolution of 1956 classified industries into three categories:
- First category comprised industries which would be exclusively owned by the state.
- Second category consisted of industries in which private sector could supplement the efforts of the state sector, with the state taking the sole responsibility of starting new units.
- Third category consisted of the remaining industries which were to be in the private sector. However, they were subject to many controls and the state had the right to enter into the production of these industries also.
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