Which of the following sectors received the highest priority in the First Five Year Plan (1951–56)?
Show answer & explanation
Correct answer: C
Explanation
Solution: The correct answer is Agriculture and irrigation.
Explanation:
☛ The First Five-Year Plan (1951–1956) gave the highest priority to the development of agriculture and irrigation.
☛ This focus was necessary due to severe food shortages, inflation, and the influx of refugees following the partition of India.
☛ The plan was based on the Harrod-Domar model, which emphasized increasing savings and investments to build capital goods.
☛ At the end of the plan period, the achieved economic growth rate was 3.6%, which significantly surpassed the targeted growth rate of 2.1%.
Extra Exam-Relevant Facts:
☛ Major Irrigation Projects: Huge multipurpose dam projects such as Bhakra-Nangal, Hirakud, and the Damodar Valley Corporation (DVC) were initiated or supported during this plan.
☛ Industry: Rapid industrialization and heavy industries were prioritized later in the Second Five-Year Plan (1956–1961), which was based on the P.C. Mahalanobis model.
☛ Higher Education: Five Indian Institutes of Technology (IITs) and the University Grants Commission (UGC) were established by the end of this plan period.
☛ Planning Commission: Formed on 15 March 1950 under the chairmanship of Prime Minister Jawaharlal Nehru, who presented this plan to Parliament.
Important One-Liners for Upcoming Exams:
☛ Which economic model served as the foundation of the First Five-Year Plan? → Harrod-Domar Model
☛ Who was the first Deputy Chairman of the Planning Commission of India? → Gulzarilal Nanda
☛ In which year was the Community Development Programme (CDP) launched during this plan? → 1952
☛ Which body replaced the Planning Commission on 1 January 2015? → NITI Aayog
☛ What was the actual GDP growth rate achieved during the First Five-Year Plan? → 3.6%