The correct option is 1 and 3 only.
Explanation
In the context of economic planning in India, the goals have traditionally focused on Growth, Modernization, Self-reliance, and Equity. While growth refers to an increase in the country's capacity to produce goods and services, Equity ensures that this growth is inclusive and benefits the entire population.
- Statement 1 is Correct: The principle of equity postulates that every Indian should be able to meet their basic needs, such as food, a decent house, education, and healthcare. It emphasizes that economic progress must translate into a better standard of living for all citizens.
- Statement 2 is Incorrect: Equity aims to reduce inequality in the distribution of wealth and income. It seeks to prevent the concentration of economic power and resources in the hands of a few, rather than increasing inequality.
- Statement 3 is Correct: A core objective of equity is to ensure that the benefits of economic prosperity reach the poorer sections of society. It ensures that growth does not merely benefit the wealthy but serves as a tool for social justice.
Key Takeaway: Growth and Equity are complementary goals in planning; Growth increases the size of the national income, while Equity ensures its fair distribution to prevent the widening of the rich-poor divide.