(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) a new or nascent industry;
(ii) an industry to be newly established in an area where such industries are undeveloped or are likely to be successful;
(iii) an industry which is likely to become more profitable by an investment of more capital;
(iv) small scale industries;
(v) cottage industries;
(vi) old or established industries; or
(vii) such other industrial concerns, as in the opinion of the Government, deserve State aid to be given in conformity with the provisions of this Act:
Provided that no State aid shall be given to any joint stock company unless—
(i) the company is registered in India with a rupee capital; and
(ii) the company agrees to maintain the prescribed proportion of Indians as members of its Board of Directors:
Provided further that every recipient of State aid shall make such provision for the training of apprentices as may be prescribed.
(2) The decision of the Government after consulting the board 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.
CHAPTER III General provisions regarding the giving of State Aid