Which institution was set up in 1950 for central economic planning in India?
Show answer & explanation
Correct answer: B
Explanation
Solution: The correct answer is Planning Commission.
Explanation:
☛ The Planning Commission was established on 15 March 1950 by an executive resolution of the Government of India.
☛ It was set up under the leadership of Prime Minister Jawaharlal Nehru to promote a rapid rise in the standard of living of the people through coordinated economic planning.
☛ It was an extra-constitutional and non-statutory body tasked with formulating India's Five-Year Plans.
☛ The Prime Minister of India served as its ex-officio Chairman.
Extra Exam-Relevant Facts:
☛ Gulzarilal Nanda was the first Deputy Chairman of the Planning Commission.
☛ NITI Aayog: On 1 January 2015, the Planning Commission was replaced by the NITI Aayog (National Institution for Transforming India).
☛ Reserve Bank of India (RBI): Established on 1 April 1935 under the Reserve Bank of India Act, 1934, based on the recommendations of the Hilton Young Commission.
☛ NABARD: The National Bank for Agriculture and Rural Development was established on 12 July 1982 on the recommendation of the B. Sivaraman Committee.
Important One-Liners for Upcoming Exams:
☛ When was the First Five-Year Plan launched in India? → 1951
☛ Which economic model was the First Five-Year Plan based on? → Harrod-Domar Model
☛ Who was the last Deputy Chairman of the Planning Commission? → Montek Singh Ahluwalia
☛ Which body gave the final approval to the Five-Year Plans in India? → National Development Council (NDC)
☛ When was the National Development Council (NDC) established? → 6 August 1952