ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -India recognised the importance of human capital in economic growth long ago. The Seventh Five Year Plan says, “Human resources development (read human capital) has necessarily to be assigned a key role in any development strategy, particularly in a country with a large population.

Detailed explanation-2: -Seventh Plan (1985–1990) The plan laid stress on improving the productivity level of industries by upgrading technology. The main objectives of the Seventh Five-Year Plan were to establish growth in areas of increasing economic productivity, production of food grains, and generating employment through “Social Justice".

Detailed explanation-3: -Detailed Solution. 8th Five Year Plan recognised human development as the core of all developmental efforts. The Eighth Five Year Plan was launched on 1st April 1992. The Plan Document was approved by the National Development Council in its forty-fourth meeting held in May 1992.

Detailed explanation-4: -Second Five Year Plan (1956 – 1961) The Second Five Year Plan revolved around the idea of developing the public sector and rapid industrialisation. The plan was allocated nearly 50 billion rupees in various fields to achieve targets. The scale of production and the production method was given a push for good.

Detailed explanation-5: -It was based on the Harrod-Domar model.