Question : Which of the following statements is correct regarding the Industrial Policy Resolution of 1956?
I. This resolution formed the basis of the Second Five-Year Plan.
II. This policy was used to promote industry in backward regions.
Option 1: Neither I nor II
Option 2: Both I and II
Option 3: Only I
Option 4: Only II
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Correct Answer: Both I and II
Solution : The correct answer is Both I and II .
The Industrial Policy Resolution of 1956 classified industries into three categories : in the first category, the industries that are owned by the state; in the second category, the public and private types of industries; and in the third category, the rest of the private sector industries. The Industrial Policy Resolution of 1956 formed the basis of the Second Five-Year Plan , and this policy was also used to promote industry in backward regions.
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