Which of the following statement (s) is/are correct?

Statement 1: India’s five year plans spelled out how much of each and every good and service is to be produced.

Statement 2: The five year plans were supposed to provide the basis for the prospective plan.

None of the given statement is correct.

The five year plans were supposed to provide the basis for the perspective plan.

India’s five year plans did not spell out how much of each and every good and service is to be produced. This is neither possible nor necessary (the former Soviet Union tried to do this and failed). It is enough if the plan is specific about the sectors where it plays a commanding role, for instance, power generation and irrigation, while leaving the rest to the market.