The First Five-Year Plan of India (1951-1956)

The First Five-Year Plan of India (1951-1956)

The First Five-Year Plan, launched in 1951 by Prime Minister Jawaharlal Nehru, was a pivotal moment in India's post-independence journey. It aimed to lay the foundation for a strong and self-sufficient economy, with a focus on agriculture and infrastructure development.  Key Highlights of the Plan: Growth : The plan achieved a remarkable 3.6% growth rate, exceeding its target of 2.1%. This success instilled confidence in the planning process and laid the groundwork for future economic development. Data limitations : Reliable data was scarce at the time, making it challenging to accurately assess the plan's impact in all areas. However, the overall positive outcomes suggest the plan was effective in achieving its broad objectives. HARROD-DOMAR model : This Keynesian economic model guided the plan's approach, emphasizing increased savings and investment to stimulate growth. While the model has its limitations, it provided a framework for planning and resource allocation. Focus on In…