The first Five-Year Plan of India was launched in which year?
Show answer & explanation
Correct answer: C
Explanation
Correct Answer
1951
Explanation
The first Five-Year Plan of India was officially launched in the year 1951, covering the period from 1951 to 1956. Following independence, the Planning Commission was set up under the chairmanship of the then Prime Minister Jawaharlal Nehru to revive the country's economy and ensure systematic growth.
This first plan was primarily based on the Harrod-Domar Model. Due to the partition and recent disruptions, the country was facing an acute shortage of food grains, which is why the plan accorded the highest priority to agriculture, irrigation, and power projects. The plan proved to be highly successful, exceeding its targeted growth rate.
Key Points
The duration of India's first Five-Year Plan was from 1951 to 1956.
This plan was based on the Harrod-Domar model.
Its primary focus was centered on the development of agriculture, irrigation, and power generation.
Major multipurpose river valley projects like the Bhakra-Nangal and Hirakud dams were started during this plan.
Additional Facts
The total budget of this plan was mainly allocated to strengthen public sector undertakings and basic infrastructure.
The targeted growth rate under the first Five-Year Plan was 2.1%, but it achieved an actual growth rate of 3.6%, which was well above expectations.
In the year 1952, the 'Community Development Programme' was launched under this plan to promote rural development.
Currently, 'NITI Aayog' (National Institution for Transforming India) functions in place of the Planning Commission, having been established on January 1, 2015.
Important Questions
Question: On which economic model was the first Five-Year Plan of India based?
Answer: Harrod-Domar Model.
Question: What is the full form of 'NITI Aayog', which replaced the Planning Commission?
Answer: National Institution for Transforming India.