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Which Five Year Plan had the primary goal to establish India as a self-reliant and self-generating economy?
1. First five year plan
2. Second five year plan
3. Third five year plan
4. Fourth five year plan

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Correct Answer - Option 3 : Third five year plan

The correct answer is Third five year plan.

  • The third Five Year Plan was launched from 1961-1966 under the leadership of Pandit Jawaharlal Nehru.
    • The Deputy Chairman of the Planning commission at the time of the third five-year plan was D. R. Gadgil.
    • The plan was also known as the Gadgil Yojana.
    • The independent economy (establishment of a self-reliant and self-generating economy), agriculture, and improvement in the production of wheat were the major objectives of the plan.
    • The third Five Year Plan was affected due to drought and two wars (Sino-India war of 1962 and Indo-Pakistani war of 1965).

  • The First five-year plan 
    • This plan was launched from 1951-1956 under the leadership of Pandit Jawaharlal Nehru.
    • It was based on the Harrod-Domar model.
    • The targeted growth rate of the plan was 2.1%.
    • The plan was successful and achieved a growth rate of 3.6% which was more than its target.
    • The agricultural development of the country was the major objective of the plan.
    • At the end of this plan, five IITs were set up in the country.
  • The second five-year plan
    • ​​​This plan is based on P.C Mahalanobis Model.
    • It was planned from 1 April 1956 to 31 March 1961.
    • It is popularly known as Mahalanobis Plan.
    • The second five-year plan accords high priority to industrialization, and especially to the development of basic and heavy industries.
    • This plan includes substantial investment in iron and steel, coal and Heavy engineering, Machine building, Heavy chemicals, and Cement Industries.
  • ​Fourth-Five year Plan:
    • The duration of this Plan is 1969-1974 under the leadership of Indira Gandhi.
    • The two main objectives of this Plan are growth with Stability and Progressive achievement with self-reliance.
    • During this Plan, 14 major Indian Banks were nationalized and the Green Revolution was started.
    • At this time, the Indo-Pak war of 1971 and the Bangladesh liberation war took Place.
    • The main emphasis was on the growth rate of agriculture to enable other sectors to move forward.
    • First, two years of the plan saw record production.
    • The last three years did not measure up due to poor monsoon.
    • Implementation of Family Planning Programmes was amongst the major targets of the Plan.

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