ECONOMICS (CBSE/UGC NET)

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 first five-year plan was presented and implemented by Jawaharlal Nehru, India’s first Prime Minister. It was launched in 1951, and its objective was to uplift the economic condition of India by mainly focusing on improving the standard of the primary sector.

Detailed explanation-4: -The first five year plan for India was formed for 1951-1956. It was mainly concerned with the development of primary sector.

Detailed explanation-5: -First Five Year Plan of India (1951-56) India had to recover from the partition and the disequilibrium in the economy due to the Second World War. The First Plan, therefore, had the objectives of rehabilitating refugees, agricultural development, and self-sufficiency in food along with controlling inflation.