Question:
The very first five - year plan of India was based on the model of :
ABombay Plan
BMahalanobis model
CHarrod – Domar model
DNone of these
Answer:
C. Harrod – Domar model
Explanation:
The First Five-Year Plan of India (1951 -1956 ) was based on the Harrod - Domar model.
Key features of the plan:
Objectives:
Economic growth
Self - reliance
Social justice
Reduction of Poverty and inequality
Strategy :
Heavy investment in infrastructure ( irrigation , power , transport )
Rapid industrialization
Agricultural development
Emphasis on public sector
Harrod - Domar Model:
Developed by Roy Harrod and Evsey Domar , this model emphasis:
Savings and investment
Capital accumulation
Technological progress
Economic growth through investment
Key features of Harrod - Domar model in India's First Plan:
Focus on capital - intensive industries
Emphasis on infrastructure development
Investment in human capital ( education , healthcare )
Government intervention in strategic sectors