The adoption of the industrial policy of 1956 coincided with which Five-Year Plan?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 2nd Five-Year Plan.
- The Second Five-Year Plan (1956-1961) and the Industrial Policy of 1956 were both adopted with the goal of fostering economic growth and self-reliance.
- In order to guarantee fair economic growth, this policy concentrated on the public sector, the development of important industries, and the regulation of private sector operations.
- In order to achieve long-term economic stability, it also highlighted the necessity of scientific and technological advancement, the nationalization of specific industries, and the establishment of large-scale industries in the public sector.