Principal Objective of Industrial Policy Resolution 1956:
The principal objective of the Industrial Policy Resolution 1956 was to lay down the framework for the industrial development of India. It aimed to promote the growth of industries, reduce inequalities, and achieve self-sufficiency in essential goods and services. The resolution emphasized a mixed economy approach, where both the public and private sectors would coexist and contribute to industrialization.

1. Promotion of Industries:
The Industrial Policy Resolution 1956 aimed to promote the establishment and growth of industries in India. It emphasized the development of key sectors such as steel, coal, machine tools, and heavy engineering. The resolution aimed to encourage both small-scale and large-scale industries to create employment opportunities and boost economic growth.

2. Reduction of Inequalities:
Another objective of the Industrial Policy Resolution 1956 was to reduce regional and sectoral inequalities. It aimed to develop industries in backward areas and promote balanced regional growth. The resolution sought to address socio-economic disparities by providing opportunities for industrial development in underprivileged regions.

3. Self-Sufficiency:
The resolution aimed to achieve self-sufficiency in the production of essential goods and services. It emphasized import substitution and the development of indigenous industries to reduce dependence on foreign imports. The policy aimed to create a self-reliant economy capable of meeting the domestic demand for essential goods and reducing external vulnerabilities.

Did we really achieve it?
The Industrial Policy Resolution 1956 had a significant impact on India's industrial development. It laid the foundation for the growth of key industries and promoted self-sufficiency in certain sectors. However, it faced challenges and limitations in achieving all its objectives.

1. Mixed Results:
While the policy led to the development of some industries, it faced implementation challenges and mixed results in various sectors. Some industries thrived and achieved self-sufficiency, while others struggled to meet their targets.

2. Inequalities and Regional Disparities:
Although efforts were made to reduce regional and sectoral inequalities, significant disparities still persist in India. Some regions and sectors have witnessed faster growth and industrial development, while others lag behind, resulting in unequal distribution of economic opportunities.

3. Changing Economic Landscape:
The Indian economy has undergone significant changes since the implementation of the Industrial Policy Resolution 1956. The liberalization of the economy in the 1990s brought about a shift in the approach towards industrial development and opened doors for foreign investments. This led to the emergence of new industries and altered the industrial landscape.

In conclusion, while the Industrial Policy Resolution 1956 played a crucial role in shaping India's industrial development, it faced challenges in achieving all its objectives. The policy contributed to the growth of industries, reduction of some inequalities, and the promotion of self-sufficiency in certain sectors. However, changing economic dynamics and implementation challenges have influenced the outcomes.