The economist, __________, criticized the Second Five-Year plan for undermining democracy.
Show answer & explanation
Correct answer: C
Explanation
Answer: B.R. Shenoy
Explanation:
The renowned economist B.R. Shenoy was one of the most prominent critics of the Second Five-Year Plan (1956–1961). While serving on the Planning Commission's Panel of Economists, he submitted a 'Note of Dissent.' He argued that the excessive focus on heavy industries and the reliance on 'deficit financing' would lead to inflation. He warned that excessive state control over economic activities could undermine individual liberty and democratic values.
Additional Points:
P.C. Mahalanobis: He was the chief architect of the Second Five-Year Plan, which emphasized heavy industrialization.
Objective of the Second Plan: To establish a 'Socialist Pattern of Society.'
T.N. Srinivasan: In later years, he raised questions regarding the economic efficiency of Indian planning.
Potential Exam Questions and Answers:
Question: On which model was the Second Five-Year Plan based?
Answer: The P.C. Mahalanobis Model.
Question: During which plan period were three major iron and steel plants (Bhilai, Rourkela, and Durgapur) established in India?
Answer: The Second Five-Year Plan.