The ‘Bombay Plan drafted by GD. Birla and J.R.D. Tata emphasized :

The Bombay Plan, drafted in 1944 by prominent industrialists including J.R.D. Tata and G.D. Birla, was a joint proposal for a planned economy in post-independence India [2]. Contrary to the expectation that private industrialists would favor a purely laissez-faire approach, the plan emphasized a substantially interventionist state and the creation of a sizeable public sector [3]. It specifically proposed that the state should take major initiatives in industrial and economic investments, particularly in core sectors like heavy engineering, mining, metallurgy, and infrastructure [2]. The industrialists recognized that the private sector lacked the massive capital required for such long-term, low-return investments in basic industries, thus advocating for public sector leadership in these areas to create a foundation for overall industrial growth [1]. This vision significantly influenced India's subsequent Five-Year Plans.

Sources

1. [1] Politics in India since Independence, Textbook in political science for Class XII (NCERT 2025 ed.) > Chapter 3: Politics of Planned Development > Planning Commission > p. 49
2. [2] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 6: Indian Economy [1947 – 2014] > Other Plans/Models: > p. 206
3. [3] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 6: Indian Economy [1947 – 2014] > 2nd Five Year Plan (1956 - 61) > p. 207