Question : The Industrial Policy Resolution of 1956 formed the basis of the_________________.
Option 1: Fifth Five Year plan
Option 2: Second Five Year plan
Option 3: Fourth Five Year plan
Option 4: Third Five Year plan
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Correct Answer: Second Five Year plan
Solution : The correct option is the Second Five Year Plan .
The Industrial Policy Resolution of 1956 formed the basis of the industrial development strategy in India. This policy laid down the foundation for a mixed economy in India, combining elements of both socialism and capitalism. It emphasised the role of the public sector in strategic industries while allowing for the continued existence of the private sector. The policy aimed to achieve a balanced regional development, reduce income inequalities, and promote social justice through industrialisation.
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