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First Five Year Plan of India was based on the
1. Harrod Domar Model
2. Mahalanobis Model
3. Dadabhai Naroji Model
4. J.L. Nehru Model
5. None of the above/More than one of the above

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Correct Answer - Option 1 : Harrod Domar Model

The correct answer is Harrod Domar Model.

  • The First Five Year Plan of India was based on the Harrod Domar Model.
  • First Five Year Plan of India:
    • It was launched for the duration of 1951 to 1956, under the leadership of Jawaharlal Nehru.
    • It was based on the Harrod-Domar model with a few modifications.
    • Its main focus was on the agricultural development of the country.
    • This plan was successful and achieved a growth rate of 3.6% (more than its target of 2.1%). 
    • At the end of this plan, five IITs were set up in the country.

  • Planning Commission:
    • Planning Commission, an agency of the government of India established in 1950 to oversee the country’s economic and social development, chiefly through the formulation of five-year plans.
    • The commission’s original mandate was to raise the standard of living of ordinary Indians by efficiently exploiting the country’s material and human resources, boosting production, and creating employment opportunities for all.
    • It is today responsible for periodically assessing the country’s resources; developing five-year plans, along with strategies for implementing them; and monitoring the execution of the plans and recommending adjustments of policy as outcomes warrant.
    • The country’s first five-year plan was launched in 1951.
    • The commission is chaired by India’s prime minister and includes a deputy chairman and several full-time members.
    • Each of the numerous divisions of the commission, corresponding to sectors of the national economy and society, is headed by a senior officer.
    • The divisions include education, health, infrastructure, science, financial resources, industry, social welfare, rural development, and water resources.

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