Over the last two decades or so, the economic transformation that is taking place in different countries across the world, partly because of the process of globalisation, has both short as well as long-term implications for each country, including India. Nations have been primarily trying to adopt various means which will strengthen their own domestic economies. To this effect, they are forming regional and global economic groupings such as the SAARC, European Union, ASEAN, G-8, G-20, BRICS etc. In addition, there is also an increasing eagerness on the parts of various nations to try and understand the developmental processes pursued by their neighbouring nations. In the unfolding process of globalisation, this is particularly considered essential by developing countries as they face competition not only from developed nations but also amongst themselves in the relatively limited economic space enjoyed by the developing world.

Given below are some statements. Read them carefully and choose the correct statement (s) from the given options.

Statement 1: India, Pakistan and China have many similarities in their developmental strategies.   

Statement 2: While India and Pakistan became independent nations in 1947, People’s Republic of China was established in 1948.

Only Statement 1 is correct.

The correct answer is Option 1: Only Statement 1 is correct.

Statement 1: India, Pakistan and China have many similarities in their developmental strategies. Correct. All the three nations have started towards their developmental path at the same time. All three countries had started planning their development strategies in similar ways. While India announced its first Five Year Plan for 1951–56, Pakistan announced its first five year plan, now called the Medium Term Development Plan, in 1956. China announced its First Five Year Plan in 1953. 

Statement 2: India and Pakistan became independent nations in 1947, People’s Republic of China was established in 1948. This is false. While India and Pakistan became independent nations in 1947, People’s Republic of China was established in 1949 (and not 1948).