CURRENT AFFAIRS

Detailed explanation-1: -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-2: -India had 12 five-year programmes in total. The Narendra Modi-led NDA administration abolished the Five-Year Plans in 2015. As a result, India’s 12th five-year plan is regarded its final five-year plan.

Detailed explanation-3: -Setting up of the Planning Commission: 15 March 1950. First Five Year Plan: 9 July 1951. Dissolution of the Planning Commission: 17 August 2014. Setting up of NITI (National Institution for Transforming India) Aayog: 1 January 2015.

Detailed explanation-4: -There is no Thirteenth Five Year Plan in India. Since the Planning Commission was disbanded in 2014, no formal economic plans have been established, while Five-Year Defense Plans are still being developed. The most current time frame would be 2017–2022. However, there is no Thirteenth Five-Year Plan.