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 below.
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 industries.
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