Question
Download Solution PDFWhat was the targeted growth rate of the Second Five-Year Plan?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe 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.
Last updated on Jul 8, 2025
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