what are the features of industrial policy resolution act , 1956 ? explain.

IPR 1956 was adopted in order to accomplish the aim of state controlling the commanding heights of economy. This policy was aligned with the Indian economy’s inclination towards socialist pattern of system of Soviet Union. The following are the main features of the policy.

1. Industrial licensing system

2. Price control on goods

3. Foreign exchange control

4. Restrictions on investment by big business

5. Procuring license for expansion in scale