Phase 2: The Post Nationalisation Period from 1972 Automobile units were among these nationalised through the Economic Reform Order of 1972. The units were renamed and their functions were redefined. A Board of Industrial Management was constituted to formulate national policy for industrialisation and also to oversee and coordinate the functions of the newly-nationalised units. This was a huge task and to deal with it various corporations were established to look after each major industrial sector, such as, automobiles, cement, fertilisers and engineering. But the steps taken to formulate this policy lacked the required commitment as the corporations appeared to show that the public sector could only run industries if they earned high profits.
