Choose the statement as true or false.

Creating a modern industrial base and rescuing India and its people from poverty were two of the new country's main goals.

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Detailed Solution

The above statement is true.
Creating a modern industrial base and rescuing India and its people from poverty were two of the new country's main goals. The government established a Planning Commission in 1950 to assist in developing and implementing effective economic development plans. The concept of a "mixed economy" was largely accepted. Here, the public and private sectors would contribute significantly and in a way that was complimentary to boost output and create jobs. The Planning Commission was to specify what these tasks were to be, including which sectors should be started by the state and which by the market and how to strike a balance between the various regions and states.

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