Consider the following statements regarding Indian Planning: 1. The Second Five-Year Plan emphasised on the establishment of heavy industries. 2. The Third Five-Year Plan introduced the concept of import substitution as a strategy for industrialisation. Which of the statements given above is/are correct?

1. Indian Planning refers to the series of Five-Year Plans implemented after independence. 2. The Second Five-Year Plan (1956-1961), based on the Mahalanobis model, explicitly emphasised rapid industrialisation with a focus on the establishment of basic and heavy industries. Statement 1 is correct. 3. The strategy of import substitution (replacing foreign imports with domestic production) was a key feature of India's industrialisation strategy from the Second Five-Year Plan onwards, not specifically introduced only in the Third Five-Year Plan (1961-1966). The Third Plan continued and intensified this strategy. Therefore, statement 2, claiming it was 'introduced' in the Third Plan, is generally considered incorrect in the context of Indian Planning history.