Question

In the First Five Year Plan _______, the Government of India sought to get the country's economy out of the cycle of poverty.
1. 1955-1960
2. 1947-1952
3. 1951-1956
4. 1961-1965

Answer 1

Correct Answer - Option 3 : 1951-1956

The correct answer is 1951-1956.

• First Five Year Plan
  • The first Five-year plan was for the period of 1951 to 1956.
  • The target growth was 2.1% and the actual growth was 3.6%.
  • It was based on the Harrod-Domar modal.
  • The influx of refugees, severe food shortage & mounting inflation confronted the country at the onset of the first five years plan.
  • The primary aim of the first five-year plan was to improve the living standards of the people of India.
  • This could be done by making judicious use of India's natural resources.
  • The Plan focussed on agriculture, price stability, power, and transport.

• Second Five year Plan (1956-1961)
  • The second five-year plan is based on the Mahalanobis model.
  • This was the USSR model Indianized by PC Mahalanobis, the founder of the Indian Statistical Institute.
• Third Five-Year Plan (1961-1966)
  • The Third five-year plan focused on agriculture & enhancement in the production of wheat, but the succinct Sino - Indian War in the year 1962 exposed flaws in the economy and shifted the spotlight towards the Defence industry.
• Fourth Five Year Plan (1969-1974)
  • The fourth five Year Plan was the first plan launched by the Indira Gandhi government amid the pressure of drought, devaluation, and inflationary recession.
  • The country was fighting with population explosion, increased unemployment, poverty, and a shackling economy. In addition, the situation in East Pakistan was becoming dire as the Indo-Pakistani War of 1971 and Bangladesh Liberation War took place.