second industrial policy and India was intiated in 1972
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This second industrial policy was announced on April 20, 1956, which replaced the policy of 1948. The features of this policy were: A new classification of Industries.
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At the time of Independence, the Indian economy was facing severe problems of illiteracy, poverty, low per capita income, industrial backwardness, and unemployment. After India attained its Independence in 1947, a sincere effort was made to begin an era of industrial development. The government adopted rules and regulations for the various industries. This industrial policy introduction proved to be the turning point in Indian Industrial history.
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