Which Five Year Plan laid the foundation of India's socialist pattern of society?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Second Plan.
The Second Five-Year Plan (1956–1961), based on the Mahalanobis Model, officially adopted the goal of a "socialist pattern of society." It shifted the focus from agriculture to rapid industrialization, emphasizing heavy and basic industries. The plan aimed to reduce inequalities in income and wealth while expanding the public sector to ensure social justice. Key steel plants like Bhilai, Durgapur, and Rourkela were established during this period to build a self-reliant, state-led industrial foundation for India.
Other options:
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First Plan: Focused primarily on agricultural development and irrigation to solve food shortages post-independence.
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Third Plan: Aimed to make the economy self-reliant but was hindered by wars and severe droughts.
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Fourth Plan: Emphasized "growth with stability" and the nationalization of 14 major commercial Indian banks.