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Which of the following was a primary objective of the Five-Year Plans in India during the period 1951-1961?
Privatization of public sectors
Rapid industrialization and agricultural growth
Full integration with global capital markets
Elimination of all import tariffs
Rapid industrialization and agricultural growth
The first two Five-Year Plans (1951-1961) focused on laying the foundation for economic development. The First Plan (1951-1956) prioritized agricultural development to ensure food security, while the Second Plan (1956-1961), based on the Mahalanobis model, prioritized rapid industrialization and heavy industries.
The first two Five-Year Plans (1951-1961) focused on laying the foundation for economic development. The First Plan (1951-1956) prioritized agricultural development to ensure food security, while the Second Plan (1956-1961), based on the Mahalanobis model, prioritized rapid industrialization and heavy industries.
The Planning Commission was established in March 1950 by an executive resolution, and India followed the Soviet model of economic planning until its dissolution in 2014 and replacement by NITI Aayog.
First Five-Year Plan (1951-1956) was based on the Harrod-Domar model.
Second Five-Year Plan (1956-1961) was based on the Mahalanobis model, emphasizing capital-intensive industries.
The 1950s saw the establishment of major steel plants in Bhilai, Rourkela, and Durgapur to support industrialization.
The primary goal of early planning was to achieve self-reliance and reduce dependence on food and industrial imports.
Privatization (Option A) was not an objective; rather, the 'Industrial Policy Resolution of 1956' emphasized the commanding heights of the public sector.
Integration with global capital markets (Option C) and elimination of import tariffs (Option D) were features of the post-1991 Liberalization, Privatization, and Globalization (LPG) reforms, not the early planning era.
B is correct тАФ The period 1951-1961 covered the first two Five-Year Plans, which aimed to establish a self-reliant economy through agricultural productivity and state-led heavy industrialization.
When studying Five-Year Plans, always associate the Second Plan with the 'Mahalanobis Model' and the establishment of the Bhilai, Durgapur, and Rourkela steel plants, as these are recurring themes in RRB and SSC exams.
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