Which of the following statements is correct about the Five-Year Plan?

Question

Question

This question was previously asked in

SSC CHSL Exam 2024 Tier-I Official Paper (Held On: 01 Jul, 2024 Shift 2)

Answer 1

The correct answer is the first Five-Year Plan was started in 1951.

Key Points

The first Five-Year Plan was started in 1951.
The Five-Year Plans were centralized and integrated national economic programs initiated by the Government of India.
The primary aim was to achieve specific economic goals and promote balanced growth.
The Planning Commission, established in 1950, was responsible for formulating these plans.
While the first Five-Year Plan focused on agricultural development, subsequent plans targeted various sectors such as industry, education, and health.
The Planning Commission was replaced by the NITI Aayog in 2015.

Additional Information

The Planning Commission was an institution in the Government of India, which formulated India’s Five-Year Plans, among other functions.
It was established in 1950 by a resolution of the Government of India.
The Prime Minister of India was the ex-officio chairperson of the Planning Commission.
The Five-Year Plans were inspired by the Soviet model of economic planning and emphasized public sector development.
With the dissolution of the Planning Commission, the NITI Aayog (National Institution for Transforming India) was formed to replace it, aiming for a more bottom-up approach to economic planning and development.