CA Foundation · Business Economics · Indian Economy
Which Five Year Plan in India was based on the Harrod-Domar growth model, with emphasis on the development of the agricultural sector, irrigation and power?
The First Five Year Plan (1951-56) was based on the Harrod-Domar model and prioritised agriculture, irrigation and power. The Second Plan shifted to the Mahalanobis model with a focus on heavy industry, so it does not fit the description given.
- AFirst Five Year Plan (1951-56)Correct
- BSecond Five Year Plan (1956-61)
- CThird Five Year Plan (1961-66)
- DFourth Five Year Plan (1969-74)
Explanation
The First Five Year Plan used the Harrod-Domar model and gave top priority to agriculture, irrigation and power, including projects such as Bhakra Nangal. The Second Plan, by contrast, was based on the Mahalanobis model and stressed heavy industry, so it is not the answer.
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