The Industrial Policy Resolution of 1956 is often referred to as the 'Economic Constitution of India' because it provided the basic framework and philosophy for India's industrial development for several decades, until the economic reforms of 1991. It established a socialist pattern of society as the goal and emphasized the prominent role of the public sector in key industries, while the private sector was regulated through a system of licensing (the 'License Raj').
Which Industrial Policy is known as the 'Economic Constitution of India'?
Asked in WBCS Main Paper 5 2022 · Topic: Industrial Sector (Industrial Policy and its Evolution since Independence)
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