The Government of India announced its first industrial policy resolution on 6 April, 1948.
Industrial Policy Resolution of April, 1948 classified industries into four categories.
 Strategic Industries— exclusive monopoly of Central Government–
Manufacture of arms and ammunition,
The production and control of atomic energy,
Ownership and management of railway transport, etc.
 Basic and key Industries—
Coal, Iron and Steel, Aircraft manufacture, Shipbuilding, Manufacture of telephone, telegraph and wireless apparatus, excluding radio receiving sets, Mineral oils, etc.
All new units were to be set-up by the state while the old units were to continue to be run by the private entrepreneurs for the next ten years when the question of their nationalisation was to be decided.
 Planned & regulated by central government—
Some industries were to remain in private ownership but subject to overall regulation and control by the government.
Salt, Automobiles and Tractors, Electric Engineering, Other Heavy Machinery, Machine Tools, Heavy Chemicals, Fertilizers and Pharmaceuticals, Power, Cotton and Woollen Textiles, Cement, Sugar, Paper and Newsprint, etc.
 Private Sector—
The rest of the industrial field will be open to private enterprise.
It also emphasised on securing a continuous increase in production and its equitable distribution.
Importance was given to small scale and cottage industries.