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Consider the following statements.
  1. The first Five Year Plan was based on the ideas of Mahalanobis, which laid down the basic ideas regarding goals of Indian planning.
  2. The Second Five Year Plan tried to build the basis for a socialist pattern of society.
  3. In the first seven five-year plans, trade was characterised by import substitution strategy.
Which of the above statements is/are correct?
  • a)
    1, 2 
  • b)
    1, 3 
  • c)
    2, 3 
  • d)
    1, 2, 3
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements. The first Five Year Plan was based ...
The correct answer is option 'C': 2, 3.

Explanation:

1. The first statement is incorrect. The first Five Year Plan in India (1951-1956) was not based on the ideas of Mahalanobis. It was primarily influenced by the ideas of P.C. Mahalanobis, a prominent Indian statistician and economist, who later played a crucial role in the formulation of the Second Five Year Plan. The first Five Year Plan focused on agricultural development, infrastructure development, and employment generation.

2. The second statement is correct. The Second Five Year Plan (1956-1961) in India aimed to build the basis for a socialist pattern of society. This plan emphasized the development of heavy industries, public sector enterprises, and the establishment of a mixed economy. The focus was on reducing inequalities, promoting social justice, and achieving self-reliance.

3. The third statement is correct. In the first seven five-year plans (1951-1997), trade in India was characterized by an import substitution strategy. This strategy aimed to reduce dependence on imports by promoting domestic industries and manufacturing. The focus was on encouraging the production of goods that were previously imported, thereby reducing the trade deficit and promoting self-sufficiency.

Overall, the correct statements are 2 and 3.
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Consider the following statements. The first Five Year Plan was based on the ideas of Mahalanobis, which laid down the basic ideas regarding goals of Indian planning. The Second Five Year Plan tried to build the basis for a socialist pattern of society. In the first seven five-year plans, trade was characterised by import substitution strategy.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'C'. Can you explain this answer?
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