Question

What was the 'Bombay Plan' prepared in 1944 focused on ?

• A. The economic development of India by a group of industrialists.
• B. The agricultural reforms in India.
• C. The establishment of socialist policies.
• D. The expansion of foreign trade.

Answer 1

Answer:

A. The economic development of India by a group of industrialists.

Milestones in Economic Planning

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

• It was followed by ‘Bombay Plan’ (1944) prepared by a group of industrialists who assembled in Bombay for the economic development of India.
  

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

• The first industrial policy (1948) formulated in independent India strengthened economic development through planning.
  

• The ‘Father of Indian planning, M. Visvesvaraia, who authored the famous ‘Planned Economy for India’ in 1934 gave clear direction to economic planning.
  

• The Indian Cabinet which met in 15^th March 1950 passed a resolution to establish the Planning Commission of India.