With reference to India’s Five -Year Plans, which of the following statements is/are correct ?1. From the Second Five -Year Plan, there was a determined thrust towards substitution of basic and capital good industries.2. The Fourth Five -Year Plan adopted the objective of correcting the earlier trend of increased concentration of wealth and economic power.3. 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.
✓ Correct answer: a) 1 and 2 only
ExplanationStatement 1 is correct : From the Second Five Year Plan(1956-61), there was determined thrust towards substi- tution of basic and capital goods industries.This plan fo- cused on Rapid Industrialization with an emphasis on capital goods and heavy industries.It was based on the PC Mahalano- bis Model.Statement 2 is correct : The Fourth Plan (1969-74) provided a necessary corrective to the earlier trend which helped partic- ularly the stronger sections in agriculture as well as in industry to enable them rapidly to enlarge and diversify the production base.It has adopted the objective of correcting the earlier trend of increased concentration of wealth and economic power and eliminating disparities in income between different regions.Thus, it targeted Growth with Stability, progressive achievement of self-reliance and income distribution.Statement 3 is incorrect : The Fifth plan (1974-78) aimed at removal of poverty and attaining self-reliance.The financial sector became an integral part of the plan in the Ninth five -year plan(1997-2002).Note : Details on Five Year Plans are gi
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