write about the Industrial licensing policy of 1970
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The government introduced the new industrial licensing policy in 1970 on recommendation of Dutt Committee. Its main features were: ... It consisted of industries involving investment of more than Rs 5 crore. All such industries were opened for private sector except those reserved for public sector in IPR, 1956.
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The objective of eliminating excessive concentration of economic power is sought to be achieved both by modification in the licensing policy with regard to large industrial houses and through enactment of the Monopolies and Restrictive Trade Practices Act, which came into operation with effect from 1st June 1970.
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