What were the main objectives of the Industries Act of 1951?

 What were the main objectives of the Industries Act of 1951? 

Or Write a note on the Industries Act, 1951. 

Ans. The Government of India has issued industrial policies, from time to time, to facilitate and foster the growth of Indian industry and maintain its productivity and competitiveness in the world market. In order to provide the Central Government with the means to implement its industrial policies, several legislations have been enacted and amended in response to the changing environment. The most important being the Industries (Development and Regulation) Act, 1951 (IDRA) which was enacted in pursuance of the Industrial Policy Resolution, 1948. The Act was formulated for the purpose of development and regulation of industries in India by the Central Government. Objectives: The objectives that the Act sought to accomplish were: the regulation of industrial investment and production according to plan priorities and targets; protection of small entrepreneurs against competition from large industries; prevention of monopoly and concentration of ownership of indus- tries; and • balanced regional development with a view to reducing disparities in the levels of development of different regions of the economy.