Consider the following statements regarding Indian Planning:1. The Second Five-Year Plan emphasized on the establishment of heavy industries.2. The Third Five-Year Plan introduced the concept of import substitution as a strategy for industrialization.Which of the statements given above is/are correct?
✓ Correct answer: c) Both 1 and 2
ExplanationStatement 1 is correct : The Second Five-Year Plan (1956–61) focused on establishing heavy industries such as steel plants, machinery, and chemical plants.It was based on the Mahalanobis model, which aimed at rapid industrialization.Statement 2 is correct : The Third Five-Year Plan (1961–66) emphasized import substitution, a strategy to reduce depen- dence on foreign goods by promoting domestic industries.This policy was key to building India’s self-reliant industrial base.24
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