Question
With reference to India's Five - Year Plan, 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.
(a) 1 and 2 only
(b) 2 only
(c) 3 only
(d) 1, 2 and 3
Answer:
A
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Explanation:
1. Statement 1 is correct. From the Second Five-Year Plan onwards, there was a focused effort to promote the development of basic and capital goods industries in India. This was done to reduce dependence on imports and build a self-reliant industrial base.
2. Statement 2 is correct. The Fourth Five-Year Plan aimed to address the issue of increasing concentration of wealth and economic power in the country. It emphasized the need for corrective measures to promote a more equitable distribution of wealth and resources.
3. Statement 3 is incorrect. The financial sector was not included as an integral part of the Fifth Five-Year Plan. While the plan recognized the importance of financial institutions, it did not specifically include the financial sector as a distinct component.