Correct Option
Statement (d) is not true. While rural development and poverty alleviation remained significant objectives in the 1990s and beyond, they did not entirely displace industrial development as a national priority. The approach to industrial development, however, underwent a fundamental change. The focus shifted from a state-led, centrally planned model to a market-oriented framework, emphasizing liberalization, privatization, and globalization. Industrial growth continued to be crucial for economic progress, but the government's role transitioned from direct investment and control to facilitation, policy support, and creating a conducive environment for private and multinational enterprises.
Incorrect Options
Option (a) is true. With the economic liberalization policies initiated in 1991, industrial investment and development decisions were largely decentralized and placed within the domain of the private sector and multinational corporations. This reduced the direct involvement of central planning in allocating resources for industrial projects.
Option (b) is true. The adoption of market-based economic reforms meant that market forces, rather than central planning directives, increasingly determined resource allocation, production, and investment decisions in many industrial sectors. This rendered the traditional role of central planning redundant in several areas.
Option (c) is true. During the 1990s, particularly with the Eighth Five-Year Plan (1992-1997), there was a discernible shift in planning focus towards social sectors such as human resource development (education, health, skill development), employment generation, and poverty reduction. This reflected a more holistic approach to development, moving away from an exclusive emphasis on industrial sector planning.