Consider the following statements: Industrial development in India, to an extent, is constrained by I. lack of adequate entrepreneurship and leadership in business. II. lack of savings to invest. III. lack of technology, skills and infrastructure. IV. limited purchasing power among the larger masses. Which of the above statements are correct?

The correct answer is C because statements II, III, and IV represent the actual structural bottlenecks in the Indian economy. Statement I is incorrect because India has a long history of vibrant entrepreneurship and business leadership, ranging from traditional merchant classes to modern global conglomerates. The constraint is not a lack of leaders, but rather the environment in which they operate. Statement II is correct as a developing economy often faces a gap between the high capital requirement for heavy industries and the actual domestic savings available for investment. Statement III is correct because industrial growth has been historically hindered by a deficit in advanced indigenous technology, a shortage of highly skilled labor in specialized sectors, and gaps in physical infrastructure like power, transport, and logistics. Statement IV is correct because the majority of the population has low per capita income. This limited purchasing power results in low domestic demand, which prevents industries from achieving economies of scale and discourages further industrial expansion.