Q. With reference to India’s first Industrial Policy announced in 1948, consider the following statements:
1.It introduced the concept of a mixed economy in India.
2.The private sector was completely excluded from industrial development.
Which of the statements given above is/are correct?
Quarterly-SFG-Jan-to-March
Red Book

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
Notes:

Explanation:

  • The 1948 Industrial Policy explicitly declared India would follow a mixed economy model, balancing public and private sector roles.
  • The private sector was not excluded; many industries were left open for private investment, though some required licensing.
  • The policy had a built-in 10-year review clause, marking a forward-looking approach.

Source- 11th NCERT: Economics: Indian Economic Development and TMH Indian Economy by Ramesh Singh

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