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Consider the following statements about the Bombay Plan.
1. A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country
2. It wanted the state to take major initiatives in industrial and other economic investments
Which of these statements are correct?
- a)1 Only
- b)2 Only
- c)Both of them
- d)Neither of them
Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements about the Bombay Plan.1. A section ...
- Thus the Planning Commission was not a sudden invention. In fact, it has a very interesting history. We commonly assume that private investors, such as industrialists and big business entrepreneurs, are averse to ideas of planning: they seek an open economy without any state control in the flow of capital.
- That was not what happened here. Rather, a section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country. It was called the Bombay Plan. The Bombay Plan wanted the state to take major initiatives in industrial and other economic investments.
- Thus, from left to right, planning for development was the most obvious choice for the country after independence. Soon after India became independent, the Planning Commission came into being. The Prime Minister was its Chairperson. It became the most influential and central machinery for deciding what path and strategy India would adopt for its development.
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Consider the following statements about the Bombay Plan.1. A section ...
The correct answer is option 'C' - Both of them.
Let's understand each statement in detail:
1. A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country.
- This statement is correct. The Bombay Plan was indeed a joint proposal drafted by a group of prominent industrialists in Bombay (now Mumbai) in 1944. The group consisted of leading industrialists like J.R.D. Tata, G.D. Birla, Kasturbhai Lalbhai, and others. They came together to address the economic challenges faced by India and proposed a plan to establish a planned economy in the country.
2. It wanted the state to take major initiatives in industrial and other economic investments.
- This statement is also correct. The Bombay Plan emphasized the need for the state to play a significant role in industrial and economic investments. The industrialists who drafted the plan believed that the state should take initiatives to promote industrialization, provide infrastructure, and create a conducive environment for economic growth. They advocated for increased government intervention and planning in the economy to ensure balanced development and economic progress.
The Bombay Plan aimed to bring about comprehensive economic reforms and address various issues such as poverty, unemployment, and underdevelopment. The industrialists proposed a mixed economy model, where both the private sector and the state would have significant roles to play. They suggested measures like land reforms, industrial regulation, and investment in key sectors to achieve their vision of a planned economy.
The plan also highlighted the importance of education, research and development, and technological advancements for economic growth. It called for the establishment of institutions and policies to promote scientific research, technical education, and skill development.
However, it is important to note that the Bombay Plan faced criticism and challenges, and its proposals were not fully implemented. It was seen as representing the interests of big industrialists and faced opposition from other sections of society, who advocated for alternative economic models such as socialism. Nevertheless, the Bombay Plan played a significant role in shaping discussions and debates on economic planning in post-independence India.
In conclusion, both statements about the Bombay Plan are correct. It was a joint proposal drafted by a group of industrialists in 1944, and it advocated for increased state intervention and planning in the economy to promote industrial and economic growth.
Let's understand each statement in detail:
1. A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country.
- This statement is correct. The Bombay Plan was indeed a joint proposal drafted by a group of prominent industrialists in Bombay (now Mumbai) in 1944. The group consisted of leading industrialists like J.R.D. Tata, G.D. Birla, Kasturbhai Lalbhai, and others. They came together to address the economic challenges faced by India and proposed a plan to establish a planned economy in the country.
2. It wanted the state to take major initiatives in industrial and other economic investments.
- This statement is also correct. The Bombay Plan emphasized the need for the state to play a significant role in industrial and economic investments. The industrialists who drafted the plan believed that the state should take initiatives to promote industrialization, provide infrastructure, and create a conducive environment for economic growth. They advocated for increased government intervention and planning in the economy to ensure balanced development and economic progress.
The Bombay Plan aimed to bring about comprehensive economic reforms and address various issues such as poverty, unemployment, and underdevelopment. The industrialists proposed a mixed economy model, where both the private sector and the state would have significant roles to play. They suggested measures like land reforms, industrial regulation, and investment in key sectors to achieve their vision of a planned economy.
The plan also highlighted the importance of education, research and development, and technological advancements for economic growth. It called for the establishment of institutions and policies to promote scientific research, technical education, and skill development.
However, it is important to note that the Bombay Plan faced criticism and challenges, and its proposals were not fully implemented. It was seen as representing the interests of big industrialists and faced opposition from other sections of society, who advocated for alternative economic models such as socialism. Nevertheless, the Bombay Plan played a significant role in shaping discussions and debates on economic planning in post-independence India.
In conclusion, both statements about the Bombay Plan are correct. It was a joint proposal drafted by a group of industrialists in 1944, and it advocated for increased state intervention and planning in the economy to promote industrial and economic growth.
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Consider the following statements about the Bombay Plan.1. A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country2. It wanted the state to take major initiatives in industrial and other economic investmentsWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both of themd) Neither of themCorrect answer is option 'C'. Can you explain this answer?
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Consider the following statements about the Bombay Plan.1. A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country2. It wanted the state to take major initiatives in industrial and other economic investmentsWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both of themd) Neither of themCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements about the Bombay Plan.1. A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country2. It wanted the state to take major initiatives in industrial and other economic investmentsWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both of themd) Neither of themCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements about the Bombay Plan.1. A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country2. It wanted the state to take major initiatives in industrial and other economic investmentsWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both of themd) Neither of themCorrect answer is option 'C'. Can you explain this answer?.
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