What was a key feature of the Industrial Policy Resolution of 1956?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Expansion of public sector.
The Industrial Policy Resolution (IPR) of 1956 served as the "Economic Constitution" of India, aimed at establishing a socialistic pattern of society. Its key feature was the expansion of the public sector, where the government took the lead in industrial development. Industries were classified into three schedules: Schedule A gave the State exclusive responsibility for 17 core industries (like defense and atomic energy), ensuring that the "commanding heights" of the economy remained under government control to achieve rapid industrialization.