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: -INDIA’S FIRST FIVE YEAR PLAN covered the period from April 1951 through March 1956; the Second Five Year Plan covers the period from April 1956 through March 1961. The main objectives of planning in India are, broadly, to double real national income in less than 20 years and to double the per capita income in 25 years.

Detailed explanation-3: -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-4: -The first five-year plan was implemented in April 1951 and lasted till March 1956. Its main objective was to maximize India’s per capita and individual income rate.