With reference to the Industrial Policy Statement of 1969, consider the following statements: 1. The policy was introduced to address the shortcomings of the industrial licensing system initiated in 1956. 2. Under the MRTP Act, companies with assets above ₹25 crore had to seek prior government approval for expansion and takeovers. 3. The MRTP Commission was set up to promote private sector investment and facilitate mergers among large firms. Which of the statements given above is/are correct? |ForumIAS

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: A

Notes:

Explanation:

The 1969 policy aimed to reform the issues caused by the earlier 1956 licensing policy.
The MRTP Act mandated that firms with assets above ₹25 crore (initially) must obtain government permission for expansion or takeovers.
The MRTP Commission was established to curb monopolistic and restrictive trade practices, not to promote private sector investment or facilitate mergers.

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

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