What did the Bombay Plan want?

The correct answer is Option 4 - The Bombay Plan wanted the state to take major initiatives in industrial and other economic investments.

The Bombay Plan:
The Bombay Plan was a significant economic and industrial development proposal formulated by a group of prominent Indian industrialists and big business 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.
It proposed measures such as the expansion of key industries, the promotion of domestic capital investment, the establishment of public sector enterprises, and the development of infrastructure.