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.?

Option 1 : 1 and 2 only

The correct answer is 1 and 2 only.

• 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.

Fifth Five Year Plan:

• Its duration was 1974 to 1978.
• This plan focused on Garibi Hatao, employment, justice, agricultural production and defence.
• The Electricity Supply Act was amended in 1975, the Twenty-point programme was launched in 1975, the Minimum Needs Programme (MNP) and the Indian National Highway System was introduced. 
• Overall this plan was successful which achieved a growth of 4.8% against the target of 4.4%.
• This plan was terminated in 1978 by the newly elected Morarji Desai government.