The Industrial Policy Resolution (IPR) of 1956 was a crucial document that aimed to provide a framework for the development of India's industrial sector. It was introduced by the Government of India to direct the country's industrial policy and set the tone for the country's economic development.

Objective of Industrial Policy Resolution 1956:

The principal objective of the IPR 1956 was to promote a mixed economy in India by encouraging both the public and private sectors to work together. The specific objectives of the IPR 1956 were:

1. Development of the industrial sector: The IPR aimed to promote the development of the industrial sector in India by creating a favorable environment for the growth of industries.

2. Promotion of public sector: The policy emphasized the importance of the public sector and aimed to encourage its growth in key areas of the economy.

3. Regulation of private sector: The policy recognized the importance of the private sector in the economy but also aimed to regulate it to ensure its responsible growth.

4. Technology transfer: The IPR aimed to promote the transfer of technology from developed countries to India by encouraging foreign investment.

5. Employment generation: The policy aimed to promote employment generation in the country by creating more job opportunities through the development of the industrial sector.

Achievements of Industrial Policy Resolution 1956:

The IPR 1956 was successful in achieving some of its objectives, while some objectives were not fully met. Some of the achievements of the IPR 1956 are:

1. Growth of public sector: The policy was successful in promoting the growth of the public sector in key areas such as infrastructure, heavy industries, and defense.

2. Development of basic industries: The policy led to the development of basic industries such as steel, coal, and power, which were crucial for the growth of the economy.

3. Balanced regional development: The policy aimed to promote balanced regional development by setting up industries in backward regions. This led to the growth of industries in areas such as Jharkhand, Chhattisgarh, and Orissa.

4. Employment generation: The policy was successful in generating employment opportunities in the country. The growth of the industrial sector led to the creation of new jobs in both the public and private sectors.

However, the IPR 1956 did not fully meet all its objectives. Some of the shortcomings of the policy were:

1. Slow growth of private sector: The policy did not encourage the growth of the private sector as much as it should have. This led to a slow growth of the industrial sector, as the private sector was not able to invest as much as it should have.

2. Lack of innovation: The policy did not encourage innovation in the industrial sector, which led to the stagnation of industries and lack of competitiveness.

3. Bureaucratic hurdles: The policy led to bureaucratic hurdles, which made it difficult for private enterprises to set up and operate industries.

In conclusion, the Industrial Policy Resolution of 1956 was a crucial policy document that aimed to promote the growth of the industrial sector in India. While the policy was successful in achieving some of its objectives, it fell short in other areas. Overall, the policy played a significant role in shaping India's industrial sector and laid the foundation for future policies.