Question

When was the First Five-Year Plan launched in India?

• A. 1951
• B. 1956
• C. 1950
• D. 1947

Answer 1

Answer:

A. 1951

First Five-Year Plan in India

• The First Five-Year Plan of India was launched in the year 1951.
• This plan was primarily focused on the agricultural sector and aimed at laying the foundation for economic development.
• It was heavily influenced by the Harrod-Domar model, which emphasizes the role of savings and investment in economic growth.
• The plan allocated a significant portion of its budget to irrigation projects, power generation, and transportation infrastructure.
• Key projects initiated during this plan include the Bhakra-Nangal Project and the Hirakud Dam.
• The target growth rate was 2.1% annually, and the actual growth achieved was slightly higher at 3.6%.
• This plan marked the beginning of India's planned economy after independence.
• The Second Five-Year Plan, which followed, shifted its focus towards industrialization.