NOTES 61 private investors or beset with uncertainties and long periods of waiting. Even this limited supplemental role has led to the dominance of the public sector controlling the commanding heights of the economy. However, the lucrative centres of profit were left in private hands. It is true that the expanding public sector was envisaged within the overall framework of the capitalist path of development. But the adoption of planning as a method of development has necessitated the regulation and control of the market forces guiding the operations of the economy through appropriate fiscal, monetary and licensing policies. The egalitarian sentiments echoed in the Directive Principles of State Policy as well as the social and economic objectives are reflected in the industrial policy states ments which were embodied in the Industries (Regulation and Control) Act. In broad terms, the private sector was to be kept out of certain important industries mentioned in Schedule I. Others whose operations were to conform to the social and economic objectives were subjected to r^gula1" tion and control. The practice, however, abounds with several exceptions: in fact, concentration of economic power has increased in the organized industrial sector. The large industrial houses have secured more and more concessions, taking advantage of every crisis that confronted the Indian economy over the Plans. Joint Sector Upside Down Apart from indirect regulation and control of the private sector, the industrial policy annouuced in 1956 had envisaged government's equity participation in private companies. This was meant to serve as a lever for direct control over private investment. This aspect of the industrial policy, however, was seldom implemented. On the other hand, large industrial houses were merrily spreading their tentacles far and wide with the massive support of the governmental financial institutions like Industrial Finance Corporation, Industial Development Bank, Life Insurance Corpora^ tion. State Industrial Financial Financial Corporations, and Industrial Credit and Investment Corporation. The various committees of inquiry have testified about the increasing concentration in ownership of corporate property and the dominance of the large industrial houses. The Dutt Committee had suggested the establishment of the joint sector by convert^ ing the loans of the government-owned financial institutions int6 equity capital as a means of reducing industrial concentraion. The convertibility clause was incorporated in the Monopolies and Restrictive Trade Practices (MRTP) Act of 1969. Though the convertibility clause was seldom used,it was hanging as the Sword of Damocles against those private co^erns which had a liberal access to governmental funds. The national sectbrs concept seeks to turn the joint sector concept upside down. Instead of converting loans to private undertakings into equity, it seeks t6 thrbw open the public sector shares for private subscription. Every wave of crisis has meant a retreat from ihc cgali^ari^tt objectives publicized in the Plans and a widening of the floodgates of