The United States of India shall declare as a part of the law of its constitution —
(1) That industries which are key industries or which may be declared to be key industries shall be owned and run by the State;
(2) That industries which are not key industries but which are basic industries shall be owned by the State and shall be run by the State or by Corporations established by the State;
(3) That Insurance shall be a monopoly of the State and that the State shall compel every adult citizen to take out a life insurance policy commensurate with his wages as may be prescribed by the Legislature;
(4) That agriculture shall be State Industry;
(5) That State shall acquire the subsisting rights in such industries, insurance and agricultural land held by private individuals, whether us owners, tenants or mortgagees and pay them compensation in the form of debenture equal to the value of his or her right in the land. Provided that in reckoning the value of land, plant or security no account shall be taken of any rise therein due to emergency, of any potential or unearned value or any value for compulsory acquisition;
(6) The State shall determine how and when the debenture holder shall be entitled to claim cash payment;
(7) The debenture shall be transferable and inheritable property but neither the debenture holder nor the transferee from the original holder nor his heir shall be entitled to claim the return of the land or interest in any industrial concern acquired by the State or be entitled to deal with it in any way;
(8) The debenture-holder shall be entitled to interest on his debenture at such rate as may be defined by law, to be paid by the State in cash or in kind as the State may deem fit;
(9) Agricultural industry shall be organised on the following basis:
(i) The State shall divide the land acquired into farms of standard size and let out the farms for cultivation to residents of the village as tenants (made up of group of families) to cultivate on the following conditions:
(a) The farm shall be cultivated as a collective farm
(b) The farm shall be cultivated in accordance with rules and directions issued by Government;
(c) The tenants shall share among themselves in the manner prescribed the produce of the farm left after the payment of charges properly leviable on the farm;
(ii) The land shall be let out to villagers without distinction of caste or creed and in such manner that there will be no landlord, no tenant and no landless labourer;
(iii) It shall be the obligation of the State to finance the cultivation of the collective farms by the supply of water, draught animals, implements, manure, seeds, etc.;
(iv) The State shall be entitled to—
(a) To levy the following charges on the produce of the farm:
(i) a portion for land revenue;
(ii) a portion to pay the debenture-holders ; and
(iii) a portion to pay for the use of capital goods supplied; and
(b) To prescribe penalties against tenants who break the conditions of tenancy or wilfully neglect to make the best use of the means of cultivation offered by the State or otherwise act prejudicially to the scheme of collective farming;
(10) The scheme shall be brought into operation as early as possible but in no case shall the period extend beyond the tenth year from the date of the Constitution coming into operation.