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The correct answer to this question is option 3: 1 and 2 only.
Statement 1 is correct. In the year 1938, the National Planning Committee was indeed set up in India under the chairmanship of Jawaharlal Nehru. This committee played an important role in formulating plans for India`s economic development.
Statement 2 is also correct. The Bombay Plan was indeed prepared by Indian industrialists. It was a set of proposals presented by a group of leading industrialists from Bombay in 1944. The Bombay Plan aimed to outline a comprehensive strategy for India`s economic development.
However, Statement 3 is incorrect. Acharya Kripalini did not prepare the Gandhian Plan. The Gandhian Plan was actually prepared by Sriman Narayan Agarwal, a follower of Mahatma Gandhi. The plan emphasized decentralized village industries and rural development.
Therefore, the correct answer is option 3: 1 and 2 only.