Statement I: The Second Five Year Plan stressed on heavy Industries.
Statement II: A bulk of industries like electricity, railways, steel could be developed by the private sector.

Correct option is C

Statement I is correct, but Statement II is incorrect.
The Second Five Year Plan, formulated by P.C. Mahalanobis, focused on the development of heavy industries. However, the bulk of industries like electricity, railways, and steel were developed by the public sector, not the private sector.