Which of the following statements with regard to the construction of railways in colonial India by the British companies is/are NOT true? 1. The companies were guaranteed a return of 5 percent on their investment by the Government of India. 2. The railways were to be managed mainly by the Government 3. There was no system of preferential freight charges 4. The companies were to get the land free from the Government Select the correct answer using the code given below: Correct Answer 2 and 3 only The Correct Answer is 2 and 3 only. Initially, the railways were operated by private companies. Hence Statement 2 is Not True. They were granted free land and given a guarantee of minimum returns on capital. In the Guarantee System, any company that constructed railways in India was guaranteed a rate of interest of 5% on its capital investment. Hence Statement 1 is True. This guarantee was to be honored by the East India Company which then controlled large parts of India. Hence, Statement 4 is True. There was a system of preferential freight charges. Hence Statement 3 is Not True.