The Industrial Policy Resolution of 1948 was the first comprehensive policy statement on industrial development in India after independence, issued by the new government. 

Its key objectives were to rapidly industrialize the country, with a focus on developing heavy industries; to use indigenous resources for industrial growth, rather than relying on imports; to promote balanced regional development by encouraging the establishment of industries in less developed regions; to use state intervention to promote economic growth and development; and to ensure that the benefits of industrialization were distributed equitably across society.

The resolution called for establishing a form of socialism in which the state would play a leading role in economic development. It identified certain industries that would be reserved for the public sector, including arms and ammunition, atomic energy, coal and lignite, iron and steel, mineral oils, mining of specified ores, power generation and transmission, aircraft manufacture, and telecommunications.

The resolution also encouraged private investment in industry and set up a system of industrial licensing to regulate the establishment and expansion of industrial enterprises.

Overall, the resolution set the foundation for India’s industrial policy framework, and subsequent policies built upon its principles.