Step 1: Understanding the Concept:
Upon attaining independence, India established the Planning Commission in 1950 to formulate Five Year Plans.
The planners identified four long-term core objectives that would serve as the "broad goals" for all plans until 1990. These goals were designed to transform India from a backward colonial economy into a modern, self-sufficient one.
Step 2: Detailed Explanation:
Let's evaluate each point provided in the question:
1. Growth (E): This refers to an increase in the country's capacity to produce the output of goods and services. It is measured by the growth of Gross Domestic Product (GDP).
2. Modernization (A): This involves the adoption of new technology to increase production. However, it also includes social modernization, such as changes in social outlook (e.g., gender equality, abolishing the caste system).
3. Self-reliance (D): To avoid dependence on foreign countries, especially for food grains and essential industrial goods. The first seven plans prioritized "Import Substitution" to achieve this.
4. Equity or Equality (B): Growth and modernization are of no use if the benefits are concentrated in a few hands. Equity ensures that every Indian is able to meet their basic needs and that wealth inequality is reduced.
5. Subsidies (C): Subsidies are NOT a goal of planning. They are a policy instrument or a tool used to achieve other goals (like Growth or Equity). A government does not plan "to have subsidies" as an end result; it uses subsidies to encourage farmers to grow more or to help the poor.
Thus, A, B, D, and E are the goals, while C is a means to an end.
Step 3: Final Answer:
The core goals of Indian planning were Modernization, Equality (Equity), Self-reliance, and Growth. Hence, option (4) is correct.