"In effect, the Industrial Policy Resolution of 1948 was a document of compromise between India's political and economic elite."To what extent you agree with this view? Discuss critically.
Industrial policy 1948 asked state to invest only in sectors which were totally unoccupied or occupied inadequately by private sector. Thus, Industrial policy 1948 gave space to both private as well as public sector and at the same time. Also, under the basic industries, it did not seek to nationalize / discontinue the already existing private units; rather it mandated that new industries in this category will henceforth only be set-up by the Central Government. Hence we can say it was a compromise between India’s political and economic elite