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Question : 69 of 155
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Solution:
The first five year plan (FYP) came into effect in 1951.
- First Five year Plan (1951-56):
- After independence, India launched its First FYP in 1951, under socialist influence of first Prime Minister Jawaharlal Nehru.
- It was based on Harrod-Domar Model.
- The Plan focussed on agriculture, price stability, power and transport.
- It was a successful plan primarily because of good harvests in the last two years of the plan.
- Objectives of rehabilitation of refugees, food self-sufficiency & control of prices were more or less achieved.
- Five year Plans (FYP):
- Five-Year Plans (FYPs) were centralized and integrated national economic programs.
- Joseph Stalin implemented the first FYP in the Soviet Union in the late 1920s.
- The Planning Commission was set up in March 1950, to oversee and implement the five year Plans (FYP).
- It was tasked with the responsibility of making assessment of all resources of the country, and formulating plans for the most effective and
- balanced utilisation of resources and determining priorities.
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