Explanation:

At the time of formulation of the 2^nd five year plan, Mahalanobis showed that to achieve a rapid long- term rate of growth it would be essential to devote a major part of the investment outlay to building of basic heavy industries. The pillars of Nehru - Mahalanobis strategy were - (a) high savings rate, (b) heavy industry bias, (c) protectionist policies and public sector, (d) import substitution, and (e) socialistic pattern of society. However, in critique of the Mahalanobis heavy industry development strategy, Professors Vakil and Brahmanand of Bombay University put forward a wage-goods (consumer goods) model of development and suggested a development strategy which accorded a top priority to agriculture and other wage-goods industries in sharp contrast to the Mahalanobis heavy industry biased strategy of development.