Assessment of the First Five-Year Plan

First Five-Year Plan:

The first five-year plan is also referred to as the Domer-Mahalanobis Model since it was laid down by Domer’s five-year plans for the Soviet Union. The first five-year plan was delegated by Prof. P. C. Mahalanobis in order to lay down the idea of a self-sufficient closed economy. The total budget of the plan was calculated to be approximately Rs. 2069 crore. The three major priorities of the plan were :...

Objectives of First Five Year Plan:

The first five-year plan was developed in the years from 1951 to 1956, in order to encourage and enhance the agricultural sector of the country. The major focus behind the first Five Years plan was to handle agriculture development.  Some of the objectives of the first five-year plan were as follows:...

The Success of the First Five Year Plan:

The five-year plans were developed to boost the growth rate of both individuals as well as organizations. The first five-year plan was a major success within the nation. According to the growth analysis, the growth rate was predicted to be 2.1%, however, it reached about 3.6%, leading to a huge economic development that India had not seen for years. As a result, huge economic development was observed nationwide....

Assessment of the First Five-Year Plan:

During the time of independence, a lot of issues were observed in the country. In addition to facing the partition issues as well as refugee influxes, many more economic imbalances were also noticed owing to the occurrence of the Second World War. Acute food shortage was seen during this time.  Under the establishment of the five-year plan, a planned economy was also observed. A socialist goal was laid down which was based on the achievement of self-sufficiency in terms of the production of food. Therefore, the top priority was the field of agriculture. The entire cost of the first five-year plan was decided at Rs. 2069 crore. It was then later increased to the amount of Rs. 2378 crore.   There weren’t any particular data studies at the specific point of time. This approach of the five-year plan commission was relatively random in nature. The idea was based on the joint work of a large number of enterprises that were distant from one another. However, the plan resulted in major success due to good harvests and a large emphasis on irrigation as well as agriculture.  In addition to this, the nation was able to achieve its targets reflected by the growth parameter as well as the national income was boosted. The infant mortality rate was also reduced when the Indian government joined hands in collaboration with the World Health Organisation (WHO)....

Related Frequently Asked Questions and Answers:

Q1. State some of the long-term goals of the Five-Year Plans....