Which of the following options is INCORRECT?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Distinguished economists from India and abroad were invited to advise on India’s economic development during the first five year plan period.
The incorrect statement is: "Distinguished economists from India and abroad were invited to advise on India’s economic development during the first five-year plan period."
While the Planning Commission, established on 15 March 1950, formulated India's Five-Year Plans, it did not officially invite foreign economists for advisory roles during the First Five-Year Plan (1951–1956). The Commission, chaired by the Prime Minister, was primarily composed of Indian experts. The other statements are correct: India adopted the concept of Five-Year Plans from the Soviet Union, and the Prime Minister served as the ex-officio chairman of the Planning Commission.
- Option 2 (CORRECT): India did indeed borrow the idea of five-year plans from the former Soviet Union.
- Option 3 (CORRECT): The Planning Commission of India was established in 1950.
- Option 4 (CORRECT): The chairmanship of the Planning Commission of India was given to the Prime Minister.