How many industries were made in the industrial policy 1956?
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Before we delve into the details of Industrial Policy Resolution of 1956, let’s go back to the business environment of the day. It was a time when India’s first five year plan (1951-56) was about to finish. The first plan mainly focussed on agriculture and improving food grain production. Before that, the Industrial (Department and Regulation) Act of IDR Act of 1951 had been enacted. This act empowered the Government of India to regulate the pattern of Industrial development through licensing. This was advent of License Raj in India.
In 1955, the Imperial Bank of India was nationalized and renamed as State Bank of India. In 1956, some 200 insurance companies and provident societies were merged to give birth to LIC of India. A State Trading Corporation (STC) was established to export and import in select commodities. It was also established to trade with the communist countries (these countries preferred to deal with state party). The STC was also given monopoly in the trade of Cement, which was import material at that time.
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In 1955, the Imperial Bank of India was nationalized and renamed as State Bank of India. In 1956, some 200 insurance companies and provident societies were merged to give birth to LIC of India. A State Trading Corporation (STC) was established to export and import in select commodities. It was also established to trade with the communist countries (these countries preferred to deal with state party). The STC was also given monopoly in the trade of Cement, which was import material at that time.
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