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When did the first 'Five-Year-Plan' come into effect?

1. 1947
2. 1950
3. 1951
4. 1955

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Correct Answer - Option 3 : 1951

The correct answer is 1951.

  • With the Partition as a backdrop, the country reeling with the influx of refugees, severe food shortage, and mounting inflation, the First Five-Year Plan was introduced in 1951.
  • It focused primarily on the development of the primary sector, specifically agriculture and irrigation.

  • From 1947 to 2017, the Indian economy was premised on the concept of planning.
  • This was carried through the Five-Year Plans, developed, executed, and monitored by the Planning Commission (1951-2014) and the NITI Aayog (2015-2017).
  • With the prime minister as the ex-officio chairman, the commission has a nominated deputy chairman, who holds the rank of a cabinet minister. Montek Singh Ahluwalia is the last deputy chairman of the commission (resigned on 26 May 2014).
  • The Twelfth Plan completed its term in March 2017. 

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