Official Answer Key & Detailed Solution
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Correct Answer: Option (C) — Both 1 and 2
Concept & Option Breakdown
Standard Reference VerifiedStatement 1 is correct: The Second Five-Year Plan (1956–61) was guided by the Mahalanobis strategy, prioritizing heavy and capital goods industries.
Statement 2 is correct: The Third Five-Year Plan (1961–66) systematically incorporated import substitution industrialization to achieve self-reliance and conserve foreign exchange.
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