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Industrial policy was set up in the year _______.
  • a)
    1955
  • b)
    1948
  • c)
    1957
  • d)
    1958
Correct answer is option 'B'. Can you explain this answer?
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Industrial policy was set up in the year _______.a)1955b)1948c)1957d)1...
In 1948, immediately after Independence, Government introduced the Industrial Policy Resolution. This outlined the approach to industrial growth and development. It emphasised the importance to the economy of securing a continuous increase in production and ensuring its equitable distribution.
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Industrial policy was set up in the year _______.a)1955b)1948c)1957d)1...
B
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Read the following hypothetical text and answer the question that follow:The performance of the Indian economy during the period of first seven five-year plans (1950-1990) was satisfactory if not very impressive. On the eve of independence, India was an industrially backward country, but during this period of first seven plans our industries became far more diversified, with the stress being laid on the public investments in the industrial sector. The policy of import substitution led to protection of the domestic industries against the foreign producersbut we failed to promote a strong export surplus. Although public sector expanded to a large extent but it could not bring desired level of improvement in the secondary sector. Excessive government regulations prevented the natural trajectory of growth of entrepreneurship as there was no competition, no innovation and no modernization on the front of the industrial sector. Many Public Sector Undertakings (PSUs) incurred huge losses due to operational inefficiencies, red-tapism, poor technology and other similar reasons. These PSUs continued to function because it was difficult to close a government undertaking even it is a drain on country’s limited resources. On the Agricultural front, due to the measures taken under the Green Revolution, India more or less became self-sufficient in the production of food grains. So, the needs for reform of economic policy was widely felt in the context of changing global economic scenario to achieve desired growth in the country.Q. Mechanization of Indian agriculture was one of the causes of ___________ in India.

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Industrial policy was set up in the year _______.a)1955b)1948c)1957d)1958Correct answer is option 'B'. Can you explain this answer?
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