Industrial policy statement, 1973 gave preference to small and medium entrepreneurs over the large houses and foreign companies in setting up of new capacity particularly in the production of mass consumption goods.
New undertakings of up to Rs.10 million by way of fixed assets were exempted from licensing requirements for substantial expansion of assets.
This exemption was not allowed to MRTP companies, foreign companies and existing licensed or registered undertakings having fixed assets of Rs.50 million and above.
The entry of competent small and medium entrepreneurs was encouraged in all industries.
Large industries were permitted to start operations in rural and backward areas with a view to developing those areas and enabling the growth of small industries around.
The term “Core Industries” was included in the statement.
 Iron and Steel
 Crude oil
 Oil refining