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What was the main reason for the success of the First Five Year Plan?
1. Industrial growth in all the years of the plan
2. Economization of Government expenditure
3. Rapid growth of domestic savings
4. Good harvest in the last two years of the plan

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Correct Answer - Option 4 : Good harvest in the last two years of the plan

The correct answer is Good harvest in the last two years of the plan.

  • The First Five-Year Plan was presented before the Parliament on 9 July 1951.
  • The target GDP growth of the plan was 2.1%, but the country recorded a growth of 3.6% that year.
  • The Five-Year Plans were centralized and integrated national economic programs. The first such plan was implemented in the Soviet Union in 1928 by Joseph Stalin. Since then, countries such as China, Bhutan, Vietnam, South Korea, Argentina, Romania, and Ethiopia have also implemented Five-Year Plans.

  • FIRST PLAN (1951-1956)
    • It was based on Ahasrrod-Domar Model.
    • The Community Development program was launched in 1952.
    • Emphasized agriculture, price stability, power, and transport.
    • It was more than a success, because of a good harvest in the last two years

 

  • FIVE YEAR PLAN – INDIA
    • The concept of Economic planning in India was derived from Russia (then USSR)
    • India has had 12 five-year plans up until now.
    • The first five-year plan was launched in 1951.
    • The formation of further five-year plans was suspended by the NDA Government in 2017.
    • 12th Five-year plan was the last five-year plan of India.
    • The decades-old five-year plan is now replaced with the new three-year action plan, which will be a part of the seven-year strategy paper and 15-year vision document.
    • The Niti-Aayog, which replaced the planning commission had launched a three-year action plan on April 1, 2017, which is valid till 2020.

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