Industrial Policy Resolution of 1956The Industrial Policy Resolution of 1956 (IPR 1956) was a policy adopted by the Government of India to promote industrial development and institutionalize a socialist pattern of society in India. It built upon the Industrial Policy Resolution of 1948 and formalized the state's role in key industries. BackgroundFollowing Indian independence, the government sought to transition from an agrarian economy to an industrialized one through planned development.
State-owned enterpriseA state-owned enterprise (SOE) or government-owned enterprise is a business entity created or owned by a central or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations.
Government of IndiaThe Government of India (Devanagari: भारत सरकार; IAST: Bhārata Sarakāra; legally, the Union Government, the Union of India or the Central Government) is the national authority of the Republic of India, established in accordance with the Constitution of India. As outlined in Part I, India is a "Union of States", a term often used interchangeably to refer to the "Union Government" or the Government of India, representing the central authority.
Five-Year Plans of IndiaThe Five-Year Plans of India were a series of national development programmes implemented by the Government of India from 1951 to 2017. Inspired by the Soviet model, these plans aimed to promote balanced economic growth, reduce poverty and modernise key sectors such as agriculture, industry, infrastructure and education.
State governments of IndiaThe state governments of India are the governments ruling over the 28 states and three union territories (there are eight union territories but only three union territories have legislative assemblies as well as governments) of India with the head of Council of Ministers in every state being the Chief Minister, who also serves as the head of the government. Power is divided between the Union Government (federal government) and the state governments.
OwnershipOwnership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties. The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways.
Job securityAssurance of continued employment Job security is the probability that an individual will keep their job; a job with a high level of security is such that a person with the job would have a small chance of losing it. Many factors threaten job security: globalization, outsourcing, downsizing, recession, and new technology, to name a few.
CorporationLegal entity incorporated through a legislative or registration process McDonald's Corporation is one of the most recognizable corporations in the world. A corporation or body corporate is an individual, or other entity such as a company, that has been authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes.
NationalizationNationalisation (nationalization in American English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization (or deprivatization).
Indian independence movementThe Indian independence movement was a series of political efforts from the mid-1880s to 1947 that took place in the Indian subcontinent with the aim of ending British colonial rule. The first nationalistic movement took root when the Indian National Congress (INC) was formed in 1885. Prominent moderate leaders of the INC worked on demands such as greater economic rights for Indians and the right to appear for Indian Civil Service examinations in British India.
Sustainable developmentMode of human developmentSustainable development is an approach to growth and human development that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. The aim is to have a society where living conditions and resources meet human needs without undermining planetary integrity. Sustainable development aims to balance the needs of the economy, environment, and society (Triple Bottom Line).
Heavy industryHeavy industry is an industry that involves one or more characteristics such as large and heavy products; large and heavy equipment and facilities (such as heavy equipment, large machine tools, huge buildings and large-scale infrastructure); or complex or numerous processes. Because of those factors, heavy industry involves higher capital intensity than light industry does, and is also often more heavily cyclical in investment and employment.
State-owned enterpriseA state-owned enterprise (SOE) or government-owned enterprise is a business entity created or owned by a central or local government, either through an executive order or legislation. SOEs aim to generate profit for the government, prevent private sector monopolies, provide goods at lower prices, implement government policies, or serve remote areas where private businesses are scarce. The government typically holds full or majority ownership and oversees operations.Government of IndiaThe Government of India (Devanagari: भारत सरकार; IAST: Bhārata Sarakāra; legally, the Union Government, the Union of India or the Central Government) is the national authority of the Republic of India, established in accordance with the Constitution of India. As outlined in Part I, India is a "Union of States", a term often used interchangeably to refer to the "Union Government" or the Government of India, representing the central authority.Five-Year Plans of IndiaThe Five-Year Plans of India were a series of national development programmes implemented by the Government of India from 1951 to 2017. Inspired by the Soviet model, these plans aimed to promote balanced economic growth, reduce poverty and modernise key sectors such as agriculture, industry, infrastructure and education.State governments of IndiaThe state governments of India are the governments ruling over the 28 states and three union territories (there are eight union territories but only three union territories have legislative assemblies as well as governments) of India with the head of Council of Ministers in every state being the Chief Minister, who also serves as the head of the government. Power is divided between the Union Government (federal government) and the state governments.OwnershipOwnership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different parties. The process and mechanics of ownership are fairly complex: one can gain, transfer, and lose ownership of property in a number of ways.Job securityAssurance of continued employment Job security is the probability that an individual will keep their job; a job with a high level of security is such that a person with the job would have a small chance of losing it. Many factors threaten job security: globalization, outsourcing, downsizing, recession, and new technology, to name a few.CorporationLegal entity incorporated through a legislative or registration process McDonald's Corporation is one of the most recognizable corporations in the world. A corporation or body corporate is an individual, or other entity such as a company, that has been authorized by the state to act as a single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes.NationalizationNationalisation (nationalization in American English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization (or deprivatization).Indian independence movementThe Indian independence movement was a series of political efforts from the mid-1880s to 1947 that took place in the Indian subcontinent with the aim of ending British colonial rule. The first nationalistic movement took root when the Indian National Congress (INC) was formed in 1885. Prominent moderate leaders of the INC worked on demands such as greater economic rights for Indians and the right to appear for Indian Civil Service examinations in British India.Sustainable developmentMode of human developmentSustainable development is an approach to growth and human development that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. The aim is to have a society where living conditions and resources meet human needs without undermining planetary integrity. Sustainable development aims to balance the needs of the economy, environment, and society (Triple Bottom Line).Heavy industryHeavy industry is an industry that involves one or more characteristics such as large and heavy products; large and heavy equipment and facilities (such as heavy equipment, large machine tools, huge buildings and large-scale infrastructure); or complex or numerous processes. Because of those factors, heavy industry involves higher capital intensity than light industry does, and is also often more heavily cyclical in investment and employment.*As an Amazon Associate I earn from qualifying purchases.