The ‘Industrial Policy Resolution’ of 1948 and the Directive Principles of the Indian Constitution reflected which of the following feature of Indian economy?

Both 1 and 2

Nehru, and many other leaders and thinkers of the newly independent India, sought an alternative to the extreme versions of capitalism and socialism. Basically sympathising with the socialist outlook, they found the answer in an economic system which, in their view, combined the best features of socialism without its drawbacks. In this view, India would be a socialist society with a strong public sector but also with private property and democracy, the government would plan for the economy with the private sector being encouraged to be part of the plan effort. The ‘Industrial Policy Resolution’ of 1948 and the Directive Principles of the Indian Constitution reflected this outlook.