Industries to be aided.

(1) The industries to which aid may be given under this Act shall be such as have an important bearing on the economic development of the country and shall be—

(i) new or nascent industries, or (ii) industries to be newly introduced into areas where such industries are undeveloped, or (iii) cottage industries, or (iv) small-scale industries, or (v) handicrafts industries, or (vi) khadi and village industries, or (vii) old or established industries. (2) No such aid shall be given to any joint stock company unless-

(a) the same is registered in India on a rupee capital, and (b) the company conforms to such rules as may be made by the Government from time to time requiring that a maximum number or a proportion of the members on its board of management shall be citizens of India.

(3) Every recipient of aid under this Act shall make such provision for the training of apprentices as the Government may, from time to time, direct.

(4) The decision of the Government as to whether the conditions of this section are fulfilled shall be final and shall not be called in question in any court of law.