With reference to India’s Five-Year Plans, which of the following statements is/are correct?From the

Question

With reference to India’s Five-Year Plans, which of the following statements is/are correct?From the Second Five-Year Plan, there was a determined thrust towards substitution of basic and capital good industries.The Fourth Five-Year Plan adopted the objective of correcting the earlier trend of increased concentration of wealth and economic power.In the Fifth Five-Year Plan, for the first time, the financial sector was included as an integral part of the Plan.Select the correct answer using the code given below.

Accepted Answer

Statement 1 is correct - India adopted the strategy of Import Substitution Industrialization (ISI) in the fifties. The chief objective was to build a self-reliant economy. From the Second Five Year Plan, there was a determined thrust towards substitution of basic and capital goods industries. The ISI strategy was based on the model of growth as propounded by PC Mahalonobis.Statement 2 is correct - The Fourth Plan provided a necessary corrective to the earlier trend which helped particularly the stronger sections in agriculture as well as in industry to enable them rapidly to enlarge and diversify the production base. In the long run, the full potential of growth cannot be realised unless the energies of all our people are put to profitable use. The emphasis on spreading the impetus and benefits of economic growth to the weaker sections is thus necessary in the interest of equality as well as growth. The Plan will now assist the less prosperous sections of our farming population to improve their position and make a yet bigger contribution to the national economy.Statement 3 is not correct - The financial sector became an integral part of the plan in the 9th five-year plan.