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 ______.

Bombay Plan

The correct answer is option (3) - Bombay Plan

The Bombay Plan was a significant economic and industrial development proposal formulated by 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. 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.