WBCS Preliminary Examination 2021 — General Studies · Question 134 of 200

Answer: (C) 1948

The first Industrial Policy Resolution was announced on 6 April 1948 by Industry Minister Dr Syama Prasad Mookerjee; it laid the basis of a mixed economy by dividing industries into four categories, from state monopolies (arms, atomic energy, railways) to the private sector. The second IPR of 30 April 1956, based on the Mahalanobis model and the 'socialistic pattern of society', had three Schedules (A, B, C) and is called the 'economic constitution of India'. 1951 is the year of the Industries (Development and Regulation) Act and the First Five Year Plan; the New Industrial Policy came on 24 July 1991.