The establishment of sthe Industrial Development Bank of India (IDBI) in 1964 was a significant step toward.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Promoting heavy industries.
- The establishment of the Industrial Development Bank of India (IDBI) in 1964 was a significant step toward fostering industrial growth and development in India.
- IDBI was created as a specialized financial institution to provide credit and other financial services to industries, particularly medium and large-scale enterprises.
- It played a pivotal role in India's planned economic development under the Five-Year Plans by providing long-term financing and ensuring the growth of priority sectors like heavy industries and manufacturing.