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 9. Write The Industrial Policy Resolution, 1956

The objective was establishment of socialistic pattern of the society where the commanding heights of the economy is controlled by the state.

IPR 1956 expanded the three lists which existed in IPR 1948. This resolution formed the basis of the Second Five Year Plan.

Although there was a category of industries left to the private sector, the sector was kept under state control through a system of licenses.

10. Write About Privatization

Privatization is to increase participation of private sector in the public sector companies by capital investment or by management or both or to hand over a public sector unit to a private company is called privatization.

11. Write About Liberalization

 Liberalization is the process by which government control is relaxed or abolished.

12. Write About Globalization 

The process of amalgamation of an economy with world economy is called Globalization. It is signified by lower duties on import and export. By doing so, that sector will also get private capital and foreign technology.

13. Write About Disinvestment :

To reduce the government share in the public sector is called disinvestment.

14. Write About Iron and Steel Industry

India is the largest producer of sponge iron 2002. India is the fourth largest producer of crude steel in the world after China, Japan and the USA in 2010.

Steel Authority of India Limited (SAIL) was established in 1974 for the development of the steel industry.

A First steel industry at Kulti, West Bengal Iron Works Company was established in 1870. First large scale steel plant. TISCO at Jamshedpur (1907) was followed by IISCO at Burnpur (1919) were established.

The first public owned steel plant was Rourkela Integrated Steel Plant set-up in 1954 with the help of German.