Quick practice
Question 1 of 5
Consider the following statements :
Statement-I:
The Industrial Policy Resolution of 1956 established the framework for public sector dominance, while the 1991 policy dismantled the licensing regime and opened the economy to private and foreign investment.
Statement-II:
The 1956 policy aimed at achieving a socialist pattern of society, whereas the 1991 policy was a response to the balance of payments crisis and aimed at liberalisation.
Which one of the following is correct in respect of the above statements?
Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
Both Statement-I and Statement-II are correct but Statement-II is not the correct explanation for Statement-I
Statement-I is not correct but Statement-II is correct
Statement-I is correct but Statement-II is not correct
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