Question

The concept of economic planning was borrowed from :

• A. Soviet Union
• B. United States
• C. United Kingdom
• D. Germany

Answer 1

Answer:

A. Soviet Union

Progress in Economic Sector

• The economic condition of independent India was very pathetic

• India accepted the mixed economy consisting of the qualities of capitalist and socialist economies. It gave importance to Public Sector.

• The concept of economic planning was borrowed from the Soviet Union.

• In 1938, National Planning Committee was formed under the leadership of Jawaharlal Nehru.

• The 'Peoples Plan' prepared by the renowned social activist, M.N Roy also helped in shaping India's planning.

• The 'Father of Indian planning, M.Visvesvaraia, who authored the famous ‘Planned Economy for India' in 1934

• Planning Commission of India came into existence on March 15, 1950, with Jawaharlal Nehru, the then Prime Minister as Chairman and Gulzarilal Nanda as Vice Chairman.

• T.T. Krishnamachari and C.D. Desmukh were members of the commission

• The Planning Commission adopted the Five Year Plans aiming the economic growth of the nation. The Five Year Plans started in 1951