Consider the following statements with regard to various models of the economy:
1. Socialist economy works for the welfare of all sections of society.
2. Capitalist economy focuses only on the economic welfare of society.
3. India, since its independence has been a hub for practising a socialist model of the economy.
Which of the statements given above is/are correct?
1
1 and 3 only
2
1, 2 and 3
3
1 only
4
2 and 3 only