Question
Consider the following statements regarding The Indian
Development and Regulation Act (1951)?  (1) It is the genesis of Industrial licensing  (2) It was adopted from the Soviet Economic Planning  Select the correct answer using the code given belowSolution
The Indian Development and Regulation Act (1951)
- This Act was the genesis of a system of industrial licensing. Hence,statement 1 is correct.
- Industrial licensing involves seeking the government's permission for initiating commercial activities
- It also provided for the regulation and development of certain indus tries
- Â It was adopted from Soviet economic planning and rapid capital-Intensive industrialization. Hence, statement 2 is correct
- Accordingly, option C is correction
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