Arrange the following in chronological order:

1) The need for a planned economy was emphasized by prominent Indian industrialists and big entrepreneurs.
2) The Planning Commission was set up to decide what path & strategy India would adopt for its development.
3) The Congress party declared the goal of a "socialist pattern of society" at their Avadi (in Madras City) session.
4) P.C. Mahalanobis founded Indian Statistical Institute.

Choose the correct answer from the given options:

4-1-2-3

The correct answer is Option 3 - 4-1-2-3

4) 1931: P.C. Mahalanobis founded Indian Statistical Institute.
1) 1944: The need for a planned economy was emphasized by prominent Indian industrialists and big entrepreneurs.
2) 1950: The Planning Commission was set up to decide what path & strategy India would adopt for its development.
3) 1955: The Congress party declared the goal of a "socialist pattern of society" at their Avadi (in Madras City) session.

P.C. Mahalanobis (1893-1972) was an esteemed scientist and statistician of international renown. He founded the Indian Statistical Institute in 1931.Mahalanobis played a key role as the architect of India's Second Five-Year Plan. He advocated for rapid industrialization and emphasized the active involvement of the public sector in driving economic development.

The Bombay Plan: The Bombay Plan was a significant economic and industrial development proposal formulated by a group of prominent Indian industrialists and big entrepreneurs in 1944.  The Bombay Plan emphasized the need for a planned economy with an active role for the state in industrial and economic development.

The Planning Commission was set up in March 1950 by a simple resolution of the Government of India. The Prime Minister was its Chairperson. It was an extra-constitutional and non-statutory body.

The Congress party declared the goal of a "socialist pattern of society" at their Avadi (in Madras city) session (1955), reflected in the Second Plan.