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Which of the following was a primary objective of the Five-Year Plans in India between 1951 and 1991?
Complete privatization of public sectors
Achievement of self-reliance and growth
Abolition of the Reserve Bank of India
Rapid expansion of service sector exports
Achievement of self-reliance and growth
The Five-Year Plans in India from 1951 to 1991 were modeled after the Soviet Union's planning system to achieve planned economic development. The primary objectives focused on growth, modernization, self-reliance, and social justice, prioritizing state-led industrialization and import substitution.
The Five-Year Plans in India from 1951 to 1991 were modeled after the Soviet Union's planning system to achieve planned economic development. The primary objectives focused on growth, modernization, self-reliance, and social justice, prioritizing state-led industrialization and import substitution.
The Planning Commission was established in March 1950 by an executive resolution of the Government of India, chaired by the Prime Minister.
The First Five-Year Plan (1951-1956) was based on the Harrod-Domar Model and focused on agricultural development.
The Second Five-Year Plan (1956-1961), known as the Mahalanobis Plan, shifted the focus to rapid industrialization.
Self-reliance was explicitly emphasized starting from the Third Five-Year Plan to reduce dependence on foreign aid.
The era of Five-Year Plans ended in 2017 with the conclusion of the 12th Five-Year Plan.
The NITI Aayog replaced the Planning Commission in 2015 to adopt a bottom-up approach to federal cooperative policy.
Option A is incorrect because the period 1951-1991 was defined by the 'License Raj' and public sector dominance, not privatization.
Option C is incorrect because the Reserve Bank of India (RBI) was nationalized in 1949 and remained central to monetary policy throughout the planning era.
B is correct тАФ The core objectives of India's Five-Year Plans from 1951 to 1991 were economic growth, modernization, self-reliance, and social justice.
When studying History and Economy, link the Five-Year Plans to the 1991 LPG reforms, as the shift from planning to a market-oriented economy marks the most significant turning point in modern Indian economic history.
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