With reference to Indias 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 th

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Q: 20 (IAS/2019)
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.

question_subject: 

Economics

question_exam: 

IAS

stats: 

0,24,132,71,24,25,36

keywords: 

{'year plan': [0, 0, 1, 8], 'year plans': [0, 1, 0, 0], 'financial sector': [0, 1, 1, 1], 'fifth': [2, 1, 5, 2], 'economic power': [0, 0, 0, 2], 'plan': [2, 0, 1, 10], 'india': [8, 1, 7, 13], 'fourth': [1, 0, 6, 4], 'wealth': [0, 0, 0, 1], 'substitution': [0, 0, 0, 3], 'good industries': [0, 0, 0, 1]}

The first statement is correct. The Second Five-Year Plan did shift the focus towards the substitution of basic and capital good industries. The goal was to increase industrial self-reliance and reduce dependence on imported goods, hence the implementation of import substitution theory to encourage domestic industries.

The second statement is also correct. The Fourth Five-Year Plan emphasized addressing income inequality and preventing the concentration of wealth. This plan sought social equity, progress, and justice.

The third statement, however, is incorrect. The financial sector was not included as an integral part of the Plan during the Fifth Five-Year Plan. In fact, the Fifth Plan aimed at removing poverty (Garibi Hatao) and attaining self-reliance instead.

As a result, option 1 is the correct answer, which states 1 and 2 only are correct. Neither option 2 nor 3, which propose that only one statement each is correct, is accurate. While option 4 asserts that all three statements are correct, which is not the case.