Introduction:

The term 'core industries' refers to the industries that are essential to the economic development of a country. These industries are considered the backbone of the economy as they provide basic goods and services that are necessary for the functioning of other industries.

Industrial Policy Statement 1973:

The concept of 'core industries' was introduced in India in the Industrial Policy Statement of 1973. This policy was designed to promote the development of industries that were crucial to the country's economic growth. The policy identified eight core industries that were considered to be the most important for the country's development. These industries were:

1. Coal
2. Crude Oil
3. Iron and Steel
4. Cement
5. Fertilizers
6. Electricity
7. Natural gas
8. Petroleum Refining

Significance:

The identification of these core industries was significant for the development of the Indian economy, as it helped to focus attention on the most important industries and to allocate resources accordingly. The policy was also instrumental in promoting the growth of these industries through various incentives and subsidies.

Subsequent policies:

Subsequent industrial policies, such as the Industrial Policy Resolution of 1956 and the Industrial Policy Statement of 1986, also recognized the importance of core industries in the economic development of the country. However, they did not specifically identify the eight core industries as in the Industrial Policy Statement of 1973.

Conclusion:

In conclusion, the term 'core industries' was introduced in India in the Industrial Policy Statement of 1973, which identified eight industries that were considered essential to the country's economic development. The identification of these core industries was significant for the development of the Indian economy, as it helped to focus attention on the most important industries and to allocate resources accordingly.

A new classificatory term i.e., core industries were created. The industries which were of fundamental importance for the development of industries were put in this category such as iron and steel, cement, coal, crude oil, oil refining and electricity. In the future, these industries came to be known as basic industries, infrastructure industries in the country.