The political leaders and the industrialists were very much aware and conscious about India rsquo s ...........

Economic Affairs Others

The political leaders and the industrialists were very much aware and conscious about India’s economic inheritance right after India became independent. Which of these were part of the broad consensus that emerged from the policymakers?

State should provide only goods and the direct responsibility for development should be given to the private sector.
Foreign investments should be discouraged.
Economic development of India needs to be planned.

Select the correct answer using the codes below.

1 and 2 only

2 and 3 only

3 only

1 only

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Explanation:

Statement 1: Private sector was at an infant stage and could not tackle the core developmental issues. So, state must take complete responsibility for development.

Statement 2: This is because of the colonial drain theory as popularized by Dadabhai Naoroji.

Statement 3: This was because the core sectors (e.g. steel, iron, cement etc.) were underdeveloped and their expansion was of utmost importance for economic development. Planned development was agreed upon.