Untitled Deck Flashcards
(17 cards)
Who is the Father of Indian Economic Planning?
M. Visvesvaraya.
Recommended planning in 1934. Wrote Planned Economy for India.
When was the Planning Commission formed, and by whom?
Formed on 15th March 1950 by the Prime Minister of India.
What was the purpose of the Planning Commission?
Prepare Five-Year Plans for economic development.
Coordinate policies between central and state governments.
What replaced the Planning Commission in 2014?
NITI Aayog.
When was the National Development Council (NDC) formed?
6th August 1952.
What was the role of the NDC?
Approve plans made by the Planning Commission.
Known as the ‘small parliament.’
What is NITI Aayog, and when was it established?
NITI Aayog is a policy think tank established on 1st January 2015.
Replaced the Planning Commission.
What were the focus areas of the First Five-Year Plan (1951–1956)?
Agriculture and irrigation facilities.
Major Dams: Hirakud, Bhakra-Nangal, Damodar Valley.
What was the achievement growth rate of the First Five-Year Plan?
Target: 2.1%; Achievement: 3.6%.
What model was used for the Second Five-Year Plan (1956–1961)?
Mahalanobis Model.
What were the key projects under the Second Five-Year Plan?
Steel Plants: Bhilai (USSR), Rourkela (Germany), Durgapur (UK).
What was the focus of the Third Five-Year Plan (1961–1966)?
Self-reliance and balanced development.
Why was the Plan Holiday (1966–1969) introduced?
Due to political instability, wars, and droughts.
What was the focus of the Fourth Five-Year Plan (1969–1974)?
Self-reliance and price stability.
Key Event: Nationalization of 14 banks in 1969.
What major reforms were introduced during the Eighth Five-Year Plan (1992–1997)?
Liberalization, Privatization, and Globalization (LPG reforms).
How many Five-Year Plans did the Planning Commission formulate?
12 Five-Year Plans (1951–2017).
What replaced the Five-Year Plans after 2015?
Long-term development plans by NITI Aayog.
