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Economy-UPSC notes

Industries (Development and Regulation) Act, 1951 UPSC notes

Industries (Development and Regulation) Act, 1951 The Industries (Development and Regulation) Act, 1951, is a crucial legislation that regulates industrial development and promotes balanced industrial growth in India. Below are detailed and simplified notes for UPSC Prelims preparation: Introduction Enactment : Passed in 1951. Purpose : To regulate and develop industries in the national interest under Entry 52 of the Union List in the Constitution of India. Scope : Covers industries listed in the First Schedule of the Act. Objectives of the Act Control over Industrial Activities : To ensure industries grow systematically. Balanced Regional Development : Avoid concentration of industries in a few regions. Consumer Protection : Prevent exploitation of consumers by regulating prices and supply. National Priorities : Encourage industries important for national security, economic self-reliance, and employment generation. Foreign Exchange Conservation : Reduce dependency on imports. Key Provisions Licensing : Ind…

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