Question
Download Solution PDFWhich of the following statements are true?
i. The First Five-Year Plan was based on the PC Mahalanobis model.
ii. The First Five-Year Plan laid emphasis on agriculture development.
iii. The Five-Year planning model in India was borrowed from Russia.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFKey Points
- The First Five-Year Plan in India was launched in 1951 and primarily focused on the development of the agricultural sector.
- The Five-Year planning model in India was inspired by the planning model of the Soviet Union (Russia).
- The PC Mahalanobis model was actually used for the Second Five-Year Plan, not the first.
Additional Information
- The First Five-Year Plan was based on the Harrod-Domar model and emphasized on agricultural development to address the food crisis and inflationary pressures.
- The Second Five-Year Plan introduced the PC Mahalanobis model which focused on industrialization and aimed at building a strong public sector.
- India adopted the Soviet-style planning model, which involved centralized and integrated national economic programs.
Last updated on Jul 10, 2025
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