Consider the following 1 In this industrial policy public sector was given priority which restr...........

Economic Affairs Industrial Policy and Industrial Growth

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Consider the following:

1.In this industrial policy, public sector was given priority which restricted participation of private sector.

2.This policy was used for promoting industry in backward regions.

3.Tax benefits were given to some industries.

4.License was compulsory for the expansion of output of an industry.

How many of the statements given above are correct about Industrial Policy Resolution 1956?

Only One

Only Two

Only Three

All Four

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Explanation:

In this industrial policy, the public sector was given priority, which restricted the participation of the private sector: This statement is correct. The Industrial Policy Resolution of 1956 gave priority to the public sector in certain industries, and private sector participation was restricted in these specified industries.

This policy was used for promoting industry in backward regions: This statement is correct . The Industrial Policy Resolution of 1956 aimed to promote industrialization, and efforts were made to establish industries in backward regions to achieve balanced regional development.

Tax benefits were given to some industries: This statement is correct. The policy included provisions for providing various incentives, including tax benefits, to certain industries to promote their growth.

License was compulsory for the expansion of output of an industry: This statement is correct. The industrial licensing system was an integral part of the Industrial Policy Resolution of 1956, and it made obtaining a license compulsory for the establishment and expansion of industries.