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The Government of India initiated measures to play an active role in the economic life of the nation, and the Industrial Policy Resolution adopted by the government in 1948 envisaged a mixed economy. This resulted in greater involvement of the state in different segments of the economy including banking and finance.
It was the second comprehensive statement on industrial development of India after the Industrial Policy of 1948. [1] The 1956 policy continued to constitute the basic economic policy for a long time. This fact has been confirmed in all the Five-Year Plans of India. According to this resolution the objective of the social and economic policy in ...
A country's infrastructure (including transportation, telecommunications and energy industry) is a major enabler of industrial policy. [6] Industrial policies are interventionist measures typical of mixed economy countries. Many types of industrial policies contain common elements with other types of interventionist practices such as trade ...
Meeting the demands of industrial policy’s resurgence will necessitate reimagining how these institutions collaborate to create intentional, sector-specific training opportunities for workers.
Next, the Industrial Policy Resolution of 1956 extended these restrictions by designating certain industries known as Schedule A to be exclusively under state control, and certain other industries under Schedule B to be majority state-owned. [26] Industries in Schedule A included defense production, metallurgy, mining, and transportation. [27]
India's second five year plan (1956–60) and the Industrial Policy Resolution of 1956 emphasized the development of public sector enterprises to meet Nehru's national industrialisation policy. His vision was carried forward by V. Krishnamurthy , a figure known as the "Father of Public sector undertakings in India".
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Employees' State Insurance Corporation (ESIC), established by ESI Act, is an autonomous organisation under Ministry of Labour and Employment, Government of India.As it is a legal entity, the corporation can raise loans and take measures for discharging such loans with the prior sanction of the central government and it can acquire both movable and immovable property and all incomes from the ...