Politics of planned developmentClass 12 Politics in India Since Independence NCERT Solutions

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Q1Exercises

Which of these statements about the Bombay Plan is incorrect?

(a)
It was a blueprint for India's economic future.
(b)
It supported state-ownership of industry.
(c)
It was made by some leading industrialists.
(d)
It supported strongly the idea of planning.

Solution

(b) It supported state-ownership of industry.
This statement is incorrect. The Bombay Plan was a proposal drafted by leading industrialists in 1944. While it strongly supported the idea of a planned economy and wanted the state to take major initiatives in industrial and other economic investments, it did not advocate for complete state ownership of industry. The plan envisioned a significant role for the state in guiding the economy and investing in key sectors, but it was created by private entrepreneurs who would naturally favour a system that also allowed for private enterprise to flourish. The other statements are correct as the plan was a blueprint for economic development made by industrialists who supported the idea of planning.