Question

First five year plan in India was from ______.
A.1947-1952
B.1949-1954
C.1950-1955
D.1951 -1956

Answer 1

Hint: Five year plan was a kind of planning model that was adopted by the government after independence for the balanced and perfect utilisation of resources. Shri M. Visvesvaraya is known as the father of Indian planning.

Complete Step by Step answer: The First Five Year Plan was launched on 9th July 1951, its focus was mainly on the development of the primary sector. The plan was based on the Harrod- Domar model with certain changes. The first Indian Prime Minister Pt. Jawaharlal Nehru presented the model to the parliament of India .
The total budget of the Plan was Rs. 2069 crores, and was distributed to seven areas :
1. Irrigation and energy .
2. Agriculture and community development .
3. Transport and communications .
4. Industry .
5. Social services.
6. Rehabilitation of landless farmers .
7. Other sectors and services.
Thus, the objectives of the First five year plan was agricultural development and self sufficiency .
The plan was drafted by economist K.N. Raj, and was based on Harrod -Domar model which suggested 2 things :
1. High level of savings since it meant greater investment.
2.A low capital output ratio that meant a higher growth rate.

Thus, The correct answer is Option D.

Note: The first five year plan had a target of 2.1 percent GDP growth rate for the fiscal year however it ended up recording a growth rate of 3.6 percent which was a good record.