Option 1 states that industrial investments and development have largely shifted to the private and multinational sectors due to liberalization. This implies less influence of centralized planning, aligning with the question`s premise.

Option 3 suggests that the focus of planning has shifted to other areas such as human resource development, infrastructure, population control, and welfare. This too adheres to the question statement by indicating a shift in focus away from the industrial sector.

Option 4 points out that national priorities have shifted from industrial development to rural development. This aligns with the premise of reduced importance of planning in the industrial sector.

Option 2, however, implies that the role of central planning has been rendered redundant due to markets assuming a central place. This is not entirely true. Despite market liberalization, the role of central planning, especially in a country like India, still has significance in various sectors like infrastructure, public welfare, etc. Therefore, option 2 is the correct answer as it is NOT true regarding planning`s importance in the industrial sector during the 90`s.