As per the Industrial Policy Resolution 1948, which of the following sector was reserved for public sector only?
I. Ship building
II. Telephone
Show answer & explanation
Correct answer: C
Explanation
Correct Answer:
Option 3 (Both I and II)
Explanation:
The Industrial Policy Resolution of 1948 was India's first industrial policy. Under this policy, industries were divided into four categories. The second category included industries called the 'mixed sector,' but the government had exclusive rights to establish new enterprises in these. Shipbuilding and telephones were part of this category, where future development was entirely reserved for the public sector.
Additional Facts:
First Category (Complete Monopoly): This included only three industries—arms and ammunition, atomic energy, and rail transport. The government had complete control over these.
Objective: The main objective of the 1948 policy was to lay the foundation for a 'mixed economy' in India, where the public and private sectors would work together.
Changes: This policy was later replaced by the Industrial Policy Resolution of 1956, often referred to as the 'Economic Constitution of India.'
Possible questions for upcoming exams:
When was independent India's first industrial policy announced?
(Answer: On April 6, 1948, by Syama Prasad Mukherjee)
In which industrial policy were industries divided into three schedules (Schedule A, B, C)?
(Answer: Industrial Policy of 1956)
In which year was the liberalized industrial policy announced in India?
(Answer: 1991)