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.
- A.1 and 2 only
- B.2 only
- C.1 and 3 only
- D.1, 2 and 3
▶ Answer & Explanation
Correct answer: A. 1 and 2 only
The Second Five-Year Plan, heavily influenced by P.C. Mahalanobis's model, prioritized the development of heavy industries and capital goods to achieve self-reliance and industrialization. The Fourth Five-Year Plan explicitly aimed to address imbalances in economic development and reduce the concentration of wealth and economic power, reflecting a shift towards social justice. However, the financial sector was not formally integrated into the planning framework for the first time during the Fifth Five-Year Plan; it had been a subject of policy considerations and reforms in earlier plans as well.
Source: UPSC gs1 2019