- Focus:
- Rapid industrialization, especially heavy and basic industries.
- Advocated huge imports through foreign loans.
- Based on Prof. PC Mahalanobis’s strategy for resource allocation.
- Aimed to establish a socialistic pattern of society.
- Promoted rapid development of heavy and capital goods industries in the public sector.
- Hydroelectric power projects, steel plants (Bhillai, Durgapur, Rourkela) were established.
- Development of Public Sector:
- Public sector was to build key industries and control “commanding heights”.
- Industrial Policy 1956 reserved seventeen industries exclusively for public sector.