On whose ideas was the second five year plan based?
Show answer & explanation
Correct answer: D
Explanation
Second Five-Year Plan (1956-1961):
This plan was based on an economic development model developed by India's renowned statistician Prasanta Chandra Mahalanobis.
Key Points of the Plan:
Heavy Industrialization: The plan focused primarily on the development of basic and heavy industries (such as iron and steel).
Expansion of the Public Sector: It aimed to adopt a socialist structure of society.
Major Steel Plants: During this plan, steel plants were established in Bhilai (Chhattisgarh), Durgapur (West Bengal), and Rourkela (Odisha).
Rapid Growth: Its objective was to increase national income by 25% to make the country's economy self-reliant.
Key Facts:
First Five-Year Plan (1951-1956): It was based on the Harrod-Domar model and its main focus was on agriculture.
P.C. Mahalanobis:
He is known as the "Father of Indian Statistics." His birthday (29 June) is celebrated as 'National Statistics Day' in India.