BANKING AFFAIRS

Detailed explanation-1: -The First Five-year Plan was launched in 1951 which mainly focused in the development of the primary sector. The First Five-Year Plan was based on the Harrod–Domar model with few modifications. This five years plan’s president was Jawaharlal Nehru and Gulzarilal Nanda was the vice-president.

Detailed explanation-2: -Subsequently, Planning Commission was set up on 15 March 1950 and the plan era started from 1 April 1951 with the launching of the First Five Year Plan (1951-56).

Detailed explanation-3: -The model of the Indian Economy was premised on the concept of planning based on five-year plans from 1951-2017. The Five Year Plans were formulated, implemented and regulated by a body known as the Planning Commission. The Planning Commission was replaced by a think tank called NITI AAYOG in 2015.

Detailed explanation-4: -The First Five-Years Plan’s main focus was on agricultural development. India was primarily an agricultural country at the time of independence.

Detailed explanation-5: -The correct answer is Harrod Domar Model. The First Five Year Plan of India was based on the Harrod Domar Model. First Five Year Plan of India: It was launched for the duration of 1951 to 1956, under the leadership of Jawaharlal Nehru.