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:

[UPSC Civil Services Exam – 2019 Prelims]

(a) 1 and 2 only

(b) 2 only

(c) 3 only

(d) 1, 2 and 3

Answer: (a)        

Explanation:

• The stated objective of the Second five-year plan was rapid industrialisation with particular emphasis on the development of basic and heavy industries – aimed at establishing the Socialistic Pattern of Society. Hence Statement 1 is Correct.
• The fourth five-year plan emphasised the reduction of the concentration of incomes, wealth and economic power to achieve social equality and justice. Hence Statement 2 is Correct.
• The fifth five-year plan aims at the removal of poverty and the achievement of self-reliance. Hence Statement 3 is Not Correct.