Which was the model for the First Five-Year Plan (1951-1956)?
Show answer & explanation
Correct answer: B
Explanation
Correct Answer:-
Harrod-Domar model
Explanation:-
India's First Five-Year Plan (1951-1956) was based on the 'Harrod-Domar model'. The primary focus of this plan was on agricultural development, irrigation, and the power sector. The objective of the plan was to rehabilitate the country's economy from the damage caused by the war and partition, and to achieve economic stability.
Key Points:-
The Harrod-Domar model focused on the relationship between investment and growth rate.
The First Five-Year Plan was highly successful, achieving a growth rate of 3.6% against the target of 2.1%.
The Second Five-Year Plan (1956-1961) was based on the 'Mahalanobis model', which focused on heavy industries and rapid industrialization.
Important Questions and Answers:
Question: Who was the Chairman of the Planning Commission of India during the First Five-Year Plan?
Answer: Pandit Jawaharlal Nehru.
Question: To what is the success of the First Five-Year Plan primarily attributed?
Answer: It is attributed to the record growth in agriculture and favorable monsoon conditions.