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Balwant Kumar 4 years, 7 months ago
The Industrial Policy Resolution (IPR) 1956 was adopted in order to achieve the aim of a socialist state with the government controlling the major strategic industries of the economy. Under IPR, 1956, the private sector was kept under state control through a system of licenses. No new industry was allowed unless a license was obtained from the government. Even an existing industry had to obtain a license for expanding output or for diversifying production.
The objective behind regulating the private sector through licenses was to promote equitable development in the country. It was easier to obtain a license if the industrial unit was to be established in backward areas.
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