With reference to India’s Five-Year Plans, which of the following statements is/are correct? 1. From the Second Five-Year Plan, there was a determined thrust towards substitution of basic and capital goods 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. Select the correct answer using the code given below.

QUESTION

Hard

Economy

Prelims 2019

With reference to India’s Five-Year Plans, which of the following statements is/are correct?

From the Second Five-Year Plan, there was a determined thrust towards substitution of basic and capital goods industries.
The Fourth Five-Year Plan adopted the objective of correcting the earlier trend of increased concentration of wealth and economic power.
In the Fifth Five-Year Plan, for the first time, the financial sector was included as an integral part of the Plan.

Select the correct answer using the code given below.

Select an option to attempt

Explanation

Derived from Russia, India used the concept of the Five-Year Plan for economic planning.
With the first five-year plan launched in 1951, India now has a total of 12 such plans. However, the practice was called off in 2017 by the Narendra Modi-led NDA government.
The Second Plan focused on the industrial development of the country and stressed capital goods industries.
The Fourth Plan was focused on growth with stability and progressive achievement of self-reliance. The plan focused on eliminating poverty with the slogan of Garibi Hatao given during the 1971 elections by Indira Gandhi.
The Fifth Plan gave top priority to agriculture, employment, and poverty alleviation.