This Resolution was adopted by the Parliament in April 1956. According to this Resolution the objective of the social and economic policy in India was the establishment of a socialistic pattern of society. It provided more powers to the governmental machinery. It laid down three categories of industries which were more sharply defined. These categories were:
(a) Schedule a-those industries which were to be an exclusive responsibility of the state.
(b) Schedule B-those which were to be progressively state-owned and in which the state would generally set up new enterprises, but in which private enterprise would be expected only to supplement the effort of the state; and
(c) Schedule C-all the remaining industries and their future development would, in general be left to the initiative and enterprise of the private sector.
Fair and non-discriminatory treatment for the private sector, encouragement to village and small- scale enterprises, removing regional disparities, and the need for the provision of amenities for labour, and attitude to foreign capital were other salient features of the IPR 1956.