The Industrial (Development and Regulation) Act was first enacted in which year in India?

Correct option is D

Correct Answer: D 1951

Explanation:

• ​The Industrial (Development and Regulation) Act was enacted in 1951 by the Government of India. This act was implemented to regulate the development of industries across the country, ensuring planned economic growth. It aimed to control industries' establishment, expansion, and production to promote balanced regional growth, ensure adequate supplies of essential goods, and prevent monopolistic practices.
• The Act covers industries listed in the First Schedule and allows the Central Government to regulate the production and development of industries considered important for public interest. It also empowered the government to enforce licensing for establishing new industries or expanding existing ones.

Information Booster:

• The Act came into effect on May 8, 1952.
  
•  Industries are classified under First Schedule into priority sectors requiring regulation and monitoring.
  
•  The licensing system was introduced under the Act to ensure regional balance in industrial development.
  
•  Amendments were made to the Act in subsequent years to adapt to changing industrial policies.
  
• The Department for Promotion of Industry and Internal Trade (DPIIT) oversees the administration of this Act.