On which economic growth model was India's First Five-Year Plan (1951-1956), which focused on the development of agriculture and irrigation, based?
Answer and explanation
Correct answer: C. Harrod-Domar Model
- Step 1: The First Five-Year Plan was based on the Harrod-Domar model with few modifications. It focused mainly on the primary sector under the motto 'Development of agriculture', and many irrigation projects, including the Bhakra, Hirakud and Damodar Valley dams, were initiated. The target growth rate was 2.1% and the achieved rate was 3.6%. Answer: Harrod-Domar Model. Why not the others: Nehru-Mahalanobis Model, Gadgil Formula Model and Rao-Manmohan Model don't fit.
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