India's industrial policy after independence in 1947 was shaped broadly in terms of the industrial policy resolution of April 1948 which was reviews in light of the experience gained and the new industrial policy resolution was adopted in 1956. It called for adoption of a socialistic pattern of society and the need for industrial of basic and strategic importance to be in the public sector. During the 1950s and 1960s India witnessed a massive expansive of public sector through new units and nationalization of existing units.