Which of these statements about the Bombay Plan is incorrect?

It proposed to allow the Industrialists of Bombay to do free trade with the British

The correct answer is Option 3 - It proposed to allow Industrialists of Bombay to do free trade with the British.

Option 1- It strongly supported the idea of planning.
Option 2- It supported the state to take major initiatives in industrial and other economic investments.
Option 3- It proposed to allow the Industrialists of Bombay to do free trade with the British
Option 4- It was made by some leading industrialists.

Planning Commission was not a sudden invention. In fact, it has a very interesting history. We commonly assume that private investors, such as industrialists and big business entrepreneurs, are averse to ideas of planning: they seek an open economy without any state control in the flow of capital. That was not what happened here. Rather, a section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country. It was called the Bombay Plan. The Bombay Plan wanted the state to take major initiatives in industrial and other economic investments. Thus, from left to right, planning for development was the most obvious choice for the country after Independence. Soon after India became independent, the Planning Commission came into being. The Prime Minister was its Chairperson. It became the most influential and central machinery for deciding what path and strategy India would adopt for its development.