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 :
- Agriculture – Most of the population got involved in the agricultural sector. Collectively enhancing agriculture became the primary goal of the first five-year plan.
- Growth of heavy industry – Unrealistic quotas were set for the production of goods and materials. The aim was to develop a one-industry town.
- Irrigation – Improve the irrigation facility in the country.