The first important resolution was issued by Govt. of India on April 6, 1948. After that there have been changes several times. This Policy divided the industries into four categories. The small and cottage Industries were given privileges. However this policy also considered the importance of Private participation.
1. State Monopolies:
This category included the manufacture of arms and ammunitions, the production and control of atomic energy and the ownership of railways. This category would belong to the exclusive monopoly of central government
2. Basic industries:
The basic industry sector comprised 6 sectors of coal, iron & steel,, ship building, aircrafts manufacturing, Aircraft Mfg, Ship Building, Telephone, Telegraph & Wireless (Excluding Radio) & Mineral Oils. The existing can continue and after 10 years, the government will take over those undertakings by paying a compensation which is fair and equitable.
3. Regulated Industries:
The Government of India would regulate these industries as they were important to the masses. The industries that were included were –Automobiles, Heavy Machinery, Heavy Chemicals, Fertilizers, Sugar, Paper, Cement, Cotton, Woolen textiles etc
4. Private Industries:

This was the last category. All other industries were kept in this category.