The correct answer is option 'B': Mahalanobis Model.

Explanation:
The First Five Year Plan of India, which was implemented from 1951 to 1956, was based on the Mahalanobis Model. This model was developed by the renowned Indian economist, Prasanta Chandra Mahalanobis.

1. Mahalanobis Model:
The Mahalanobis Model emphasized on the rapid industrialization of the country and focused on the development of the manufacturing sector. It aimed to create a self-sustaining and balanced economy by reducing dependence on agriculture and promoting industrial growth.

2. Input-Output Analysis:
The Mahalanobis Model was based on the input-output analysis, which was pioneered by Wassily Leontief. This analysis helped in understanding the interdependence of different sectors of the economy and their contribution to overall growth.

3. Investment in Heavy Industries:
The model advocated for a significant investment in heavy industries such as steel, machinery, and capital goods. It was believed that the development of these industries would not only stimulate economic growth but also provide a solid foundation for future industrial expansion.

4. Public Sector Dominance:
The Mahalanobis Model emphasized the active role of the public sector in economic development. It proposed the establishment of public enterprises in key industries to ensure planned development and control over vital sectors of the economy.

5. Importance of Capital Goods:
The model recognized the importance of capital goods in the process of industrialization. It aimed to create a strong domestic capital goods industry to reduce dependence on imports and promote self-reliance.

6. Role of Technology and Education:
The Mahalanobis Model emphasized the significance of technology and education in achieving rapid industrialization. It stressed the need for technical education and research institutions to support technological advancements.

In conclusion, the First Five Year Plan of India was based on the Mahalanobis Model, which focused on the rapid industrialization of the country through investment in heavy industries, the dominance of the public sector, and the development of a strong domestic capital goods industry. The model aimed to create a self-sustaining and balanced economy by reducing dependence on agriculture and promoting industrial growth.

The plan was based on the Harrod–Domar model, which suggested that growth was dependent on two things. First, high level of savings since higher savings enabled greater investment and second, a low capital-output ratio that ensured efficient investment and a higher growth rate.