What was the targeted growth rate of the Second Five-Year Plan?

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SSC GD Constable 2025 Official Paper (Held On: 06 Feb, 2025 Shift 2)
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  1. 5.6%
  2. 4.5%
  3. 3.6%
  4. 5.2%

Answer (Detailed Solution Below)

Option 2 : 4.5%
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Detailed Solution

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The correct answer is 0.045.

Key Points

  • The Second Five-Year Plan of India targeted a growth rate of 4.5% (0.045).
  • It was formulated based on the Mahalanobis Model, focusing on rapid industrialization.
  • The plan covered the period from 1956 to 1961.
  • It emphasized the development of heavy industries, steel plants, and infrastructure to strengthen the industrial base of the economy.
  • The actual achieved growth rate during the Second Plan period was approximately 4.27%, slightly below the targeted rate.

Additional Information

  • Mahalanobis Model
    • Developed by statistician P.C. Mahalanobis, this model emphasized the importance of the heavy industrial sector for long-term economic growth.
    • It advocated for a higher allocation of resources to capital goods industries, such as steel, machinery, and infrastructure.
  • Five-Year Plans
    • India adopted the Five-Year Plan system in 1951 to achieve planned economic development.
    • The plans were inspired by the Soviet model of centralized economic planning.
    • The First Five-Year Plan (1951-1956) focused on agriculture, while the Second Plan shifted focus to industrialization.
  • Planning Commission
    • Established in 1950, the Planning Commission was responsible for formulating and monitoring Five-Year Plans.
    • It was replaced by the NITI Aayog in 2015 under the government led by Prime Minister Narendra Modi.
  • Heavy Industries
    • The Second Five-Year Plan led to the establishment of steel plants in Bhilai, Rourkela, and Durgapur with the assistance of countries like the USSR, Germany, and the UK.
    • It prioritized industries requiring high investment and long gestation periods for boosting overall economic growth.
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