Rapid industrialisation and diversification of the industrial structure have been twin objective of industrial policy in India
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- Industries with exclusive State Monopoly/Strategic industries: It included industries engaged in the activity of atomic energy, railways and arms and ammunition.
- Industries with Government control: This category included industries of national importance. 18 such categories were mentioned in this category such as fertilizers, heavy machinery, defence equipment, heavy chemicals, etc.
- Industries with Mixed sector: This category included industries that were allowed to operate independently in private or public sector. The government was allowed to review the situation to acquire any existing private undertaking.
- Industry in the Private sector: Industries which were not mentioned in the above categories fall into this category. High importance was granted to small businesses and small industries, leading to the utilization of local resources and creating employment.
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