When was the first industrial policy of Independent India announced ?

Question

Accepted Answer

The correct option is 3 (April, 1948):
The first Industrial Policy Resolution (IPR) of Independent India was announced on April 6, 1948, by the then Industries Minister, Dr. Shyama Prasad Mukherjee. This resolution was a landmark document that laid the foundation for India's mixed economy model, wherein both the public and private sectors were assigned roles in industrial development. It was an initial attempt to define the country's economic strategy shortly after gaining independence, aiming to promote self-reliance, balanced growth, and equitable distribution of wealth. This policy classified industries into four broad categories, reserving key sectors like arms, atomic energy, and railways exclusively for the state, while encouraging private enterprise in other areas under state guidance and regulation.

The incorrect option is 1 (January, 1948): January 1948 preceded the announcement of the First Industrial Policy Resolution. While the groundwork and discussions for the policy were underway, the official resolution defining the relationship between the state and industry was not publicly announced until April.

The incorrect option is 2 (March, 1948): March 1948 is too early for the official announcement. The formal policy, known as the Industrial Policy Resolution of 1948, was presented and adopted in the Indian legislature and announced in the following month.

The incorrect option is 4 (August, 1948): August 1948 is later than the official announcement date. The policy had already been announced and implemented earlier that year, providing the framework for industrial licensing and regulation that led to the subsequent passing of the Industries (Development and Regulation) Act in 1951.