Correct Option (a)
Statement 1 is correct. The Second Five-Year Plan (1956-61) adopted the Mahalanobis model, which laid a strong emphasis on the development of basic and heavy industries, including capital goods industries. This thrust was aimed at achieving rapid industrialization, self-reliance, and import substitution in critical sectors, forming the foundation for long-term economic growth.
Statement 2 is correct. The Fourth Five-Year Plan (1969-74) was formulated with the objective of 'Growth with Stability and Progressive Achievement of Self-Reliance'. A significant focus of this plan was to address the issues of increasing concentration of wealth and economic power that had arisen during earlier phases of development. It aimed at promoting social justice and reducing inequalities through various policy measures.
Incorrect Options
Statement 3 is incorrect. The Fifth Five-Year Plan (1974-79) primarily focused on 'Garibi Hatao' (poverty eradication) and the attainment of self-reliance. While financial allocations were crucial for all plans, the comprehensive integration of the financial sector as a distinct and integral part of the planning process, particularly in the context of structural reforms, was not a defining feature of the Fifth Plan. Such integration became more prominent in later plans, especially after the economic reforms of 1991.
Option (b) is incorrect because it omits the correct Statement 1.
Options (c) and (d) are incorrect because they include the incorrect Statement 3.