Five-Year Plans and Economic Strategy
Question
With reference to India's Five-Year Plans, which of the following statements is/are correct?
Select the correct answer using the code given below.
- 1.
From the Second Five-Year Plan, there was a determined thrust towards substitution of basic and capital good industries.
- 2.
The Fourth Five-Year Plan adopted the objective of correcting the earlier trend of increased concentration of wealth and economic power.
- 3.
In the Fifth Five-Year Plan, for the first time, the financial sector was included as an integral part of the Plan.
Options
1 and 2 only
2 only
3 only
1, 2 and 3
Explanation
Statement 1 is correct: The Second Five-Year Plan (1956-1961), under Pandit Jawaharlal Nehru and PC Mahalanobis, emphasized heavy industries, basic industries, and capital goods production as the foundation for industrial growth and self-reliance. Statement 2 is correct: The Fourth Five-Year Plan (1969-1974) explicitly focused on reducing wealth concentration and regional disparities through redistributive policies. Statement 3 is incorrect: The financial sector was not formally integrated as a distinct planning component within the traditional Five-Year Plan framework during the Fifth Plan (1974-1979) or immediately thereafter. > Second Plan: Heavy industries focus; Fourth Plan: Equity and redistribution objectives.
Question details
Year
2019
Paper
GS Paper 1
Question
Q70
Subject
Economy
Sub-topic
Planning commission and developmental objectives
Type
Statement-based
Difficulty
Hard
Nature
Static
Source hint
Planning Commission archives and Five-Year Plan documents
See all questions on Planning commission and developmental objectives
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