The period for First Five Year Plan was

The correct answer is 1951 – 1956.

Key Points

• The First Five-Year Plan in India was implemented from 1951 to 1956, marking the beginning of planned economic development in the country.
• It was based on the Harrod-Domar model, which emphasized the importance of savings and investments to achieve economic growth.
• The primary focus of the First Five-Year Plan was on agriculture, irrigation, and energy to address the food shortage and develop rural infrastructure.
• The plan allocated around 44.6% of its total budget to agriculture and irrigation, recognizing the sector's critical role in India's economy.
• The First Five-Year Plan was successful, achieving a growth rate of 3.6% per annum, which exceeded its target of 2.1% per annum.

Additional Information

• Five-Year Plans in India:
  • India adopted the concept of Five-Year Plans from the Soviet Union to achieve planned economic development.
  • The Five-Year Plans were formulated by the Planning Commission, which was established in 1950.
  • Five-Year Plans aimed to allocate resources efficiently and set targets for economic growth and development.
• Harrod-Domar Model:
  • This economic model emphasizes the role of savings and investments in driving economic growth.
  • It suggests that the growth rate depends on the capital-output ratio and the savings rate of an economy.
• Planning Commission:
  • The Planning Commission was tasked with assessing resources, formulating plans, and overseeing their implementation.
  • It was replaced by the NITI Aayog in 2015 to reflect a more decentralized approach to planning.
• Achievements of the First Plan:
  • The plan laid the foundation for modern economic planning in India.
  • It successfully addressed food shortages through increased agricultural production and irrigation projects.
  • Key projects initiated during the plan included the Bhakra-Nangal Dam and Hirakud Dam.