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Second Five Year Plan of India was based on an economic model developed by


1. Amartya Sen
2. C.H. Hanumantha Rao
3. Dadabhai Naoroji
4. P.C. Mahalanobis

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Correct Answer - Option 4 : P.C. Mahalanobis

The correct answer is P.C. Mahalanobis.

  • The Planning Commission was an institution in the Government of India which formulated India's Five-Year Plans, among other functions.
  • The Second Five Year Plan of India was based on an economic model developed by P.C. Mahalanobis.
  • The main objective of this plan was rapid industrialization with particular emphasis on the development of basic and heavy industries.
  • It had targeted an increase of 25% in National Income by rapid industrialization, however, the achieved target was only 20%.
  • The plan assumed a closed economy in which the main trading activity would be centred on importing capital goods
  • Prasanta Chandra Mahalanobis was an Indian statistician.
  • He devised a measure of comparison between two data sets that is now known as the Mahalanobis distance. He introduced innovative techniques for conducting large-scale sample surveys and calculated acreages and crop yields by using the method of random sampling.

 

  • Planning Commission has now been replaced by NITI Ayog.  
  • PM is the ex-officio chairman of the NITI Ayog.

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