The correct answer is option 2 - I, III, and IV.

Option 1 includes lack of savings to invest, which is not a significant constraint to industrial development in India. India has a good savings rate and also FDI and FII inflows. Option 3 also includes this incorrect statement.

Option 4 lacks one of the correct statements, which is III - lack of technology, skills and infrastructure. This is a constraint as India is still developing its technological, skill, and infrastructure base.

In contrast, option 2 includes all the significant constraints to industrial development in India: I. lack of adequate entrepreneurship and leadership in business; III. lack of technology, skills, and infrastructure; and IV. limited purchasing power among the larger masses. The development of any industry largely depends on entrepreneurship and leadership. Limited technology, skills and infrastructure restrict the easy and cost-effective manufacturing of goods. Lastly, limited purchasing power impacts the demand for goods, which, in turn, affects industrial development.