Q.  Consider the following statement:

1. The Tiny units in industries was defined for the first time in Industrial Policy Statement 1977
2. There was a complete NO to the foreign investment in the Industrial Policy Statement 1977

Which among the above statements is/ are correct?
Answer: Only 1 is correct
Notes: Industrial Policy Statement 1977 was announced by the Janta Government. For the first time, this statement defined a `tiny unit` as a unit with investment in machinery and equipment up to Rs. 1 Lakh and situated in towns or villages with a population of less than 50,000 (as per 1971 census). The second statement is not correct because, In this statement, the foreign investment in the `unnecessary areas` means those which had not role to play in development of the country, was prohibited and this was a complete NO to the foreign investment. This was the time when George Fernandes, kicked the Coca Cola and IBM out of India.