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What was the main objective of the policy of industrial licensing followed during India’s early Five-Year Plans?

1. To encourage unrestricted foreign competition
2. To regulate and control private sector expansion
3. To promote complete trade liberalisation
4. To abolish public sector enterprises

Correct answer: To regulate and control private sector expansion

Solution

Industrial licensing was introduced to regulate the establishment and expansion of industries in the private sector. It was used to control concentration of economic power and align industrial growth with national planning.

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