Concept:The Industrial Policy Resolution 1956 defined the roles of public and private sectors by grouping industries into three schedules, with the public sector leading in strategic and heavy industries.
Explanation:The resolution divided industries into three categories. The first schedule reserved strategic sectors like defence, atomic energy, and heavy engineering exclusively for the public sector. The second schedule allowed private sector participation in industries such as machine tools, fertilizers, and chemicals, but the public sector held the major role. The third schedule comprised industries open to the private sector, with government stepping in only when necessary. This policy aimed to establish a socialist pattern of society, reduce inequalities, and promote balanced regional development. It did not advocate private sector dominance, minimal government intervention, or discouragement of large-scale enterprises. Instead, it emphasised public sector leadership in key areas alongside recognition of small-scale industries.
Answer:C. It categorized industries into three schedules, with the public sector leading in strategic and heavy industries.