Economy, asked by lhtayushchand19121, 1 year ago

Why and how was private sector regulated under the IPR 1956?

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Answered by todiwalbhai
4

Answer:

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Answered by nikitasingh79
7

The Industrial Policy Proposal (IPR), in 1956, was regulated by the private sector to promote the industry in backward areas.  

This policy was used to encourage industries in small areas. If industries were set up in economically backward areas, they were provided with some concessions such as tax benefits, electricity at low tariffs, etc.

There was a class of industries coming into the private sector, yet the sector was placed under the control of the state through a system of licensing. No new industry was allowed until a license was obtained from the government.

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