Answer» Correct Answer - Option 2 : Third five year plan
The correct answer is Third five-year plan. - Though the planned economic development in India began in 1951 with the inception of the First Five Year Plan, theoretical efforts had begun much earlier, even prior to the independence.
- Setting up of National Planning Committee by Indian National Congress in 1938, The Bombay Plan & Gandhian Plan in 1944, Peoples Plan in 1945 (by post-war reconstruction Committee of Indian Trade Union), Sarvodaya Plan in 1950 by Jaiprakash Narayan stepped in this direction.
- Five-Year Plans (FYPs) :
- Five-Year Plans centralized and integrated national economic programs.
- Joseph Stalin implemented the first FYP in the Soviet Union in the late 1920s.
- Most communist states and several capitalist countries subsequently have adopted them.
- China and India both continue to use FYPs.
| Plan | | First Plan (1951 - 56) | - Target Growth = 2.1%
- Actual Growth = 3.6%
- Harrod-Domar Model
- Focussed on agriculture
- Successful plan
| Second Plan (1956 - 61) | - Target Growth = 4.5%
- Actual Growth = 4.3%
- Mahalanobis Plan
- Rapid industrialization- heavy & basic
industries - the Socialistic pattern of society
| Third Plan (1961 - 66) | - Target Growth = 5.6%
- Actual Growth = 2.8%
- To make India a 'self-reliant' and
self-generating economy. - Failure
- Shifted from development to defense &
development
| Sixth Plan (1980 - 85) | - Target Growth = 5.2%
- Actual Growth = 5.7%
- Increase in national income, modernization of
technology, ensuring a continuous decrease in poverty and unemployment.
| Seventh Plan (1985 - 90) | - Target Growth = 5.0%
- Actual Growth = 6.0%
- Food, work & productivity
- Very successful
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