First 5 Year Plan?
VerifiedAnswer: 1951-1956
Explanation:
India's First Five-Year Plan (1951-1956) marked the beginning of systematic economic planning in independent India. This historic plan was launched on April 1, 1951, under the guidance of the newly formed Planning Commission, which was established in March 1950 with Prime Minister Jawaharlal Nehru as its chairman.
The plan was primarily focused on agriculture and rural development, recognizing that India's economy was predominantly agricultural with about 70% of the population dependent on farming. The total outlay for this plan was ₹2,378 crores, which was quite substantial for that time period.
The key objectives of the First Five-Year Plan included:
• Rehabilitation of refugees who had migrated during partition • Rapid agricultural development to achieve food self-sufficiency • Control of inflation and stabilization of prices • Development of power and transport infrastructure • Promotion of equality and social justice
The plan allocated maximum resources to agriculture and irrigation (31% of total outlay), followed by transport and communications (24%), and social services including education and health (16%). Major projects undertaken during this period included the Bhakra Nangal Dam, Hirakud Dam, and several other multipurpose river valley projects that would provide irrigation, electricity, and flood control.
The First Five-Year Plan was largely successful in achieving its targets. The economy grew at an annual rate of 3.6%, which was higher than the targeted 2.1%. Agricultural production increased significantly, helping India move towards food security. The plan also succeeded in rehabilitating millions of refugees and controlling inflation effectively.
This plan was based on the Harrod-Domar growth model and followed a mixed economy approach, combining both public and private sector participation. The success of the First Five-Year Plan laid the foundation for India's subsequent economic planning and established the Planning Commission as a crucial institution for the country's development strategy.
