​The Industrial Policy Resolution of 1956 formed the basis of which of the following Five-Year Plans in India? ​

Correct option is B

The correct answer is (b) ​Second Five-Year Plan

Explanation: The Industrial Policy Resolution of 1956 (IPR) was the basis for the Second Five-Year Plan in India.

Information Booster: Industrial Policy Resolution of 1956

• Goals- The Second Five-Year Plan aimed to establish a socialist pattern of society by increasing real national income, creating more jobs, and reducing economic inequality.
• Principles- The IPR emphasized state-led development and a mixed economy where the public and private sectors would both play a role.
• Incentives- The IPR offered incentives to encourage the establishment of industries in backward regions, such as tax benefits and lower electricity rates.
• Categories of industries- The IPR categorized industries into three types: government-owned, private industries that supplement public industries, and private industries under state control.

The Second Five Year Plan in India was in effect from April 1956 to March 1961. The plan's objectives included:

• Industrialization: The plan focused on heavy and basic industries, with the goal of increasing national income by 25%.
• Job creation: The plan aimed to reduce poverty, create jobs, and improve infrastructure.
• Financial system: The plan was committed to reducing corruption and improving the financial system.
  

The plan was proposed by Professor Prasanta Chandra Mahalanobis and is also known as the Mahalanobis Plan.​