WBCS.LIVE practice question

The first Five-Year Plan of India was based on which economic model?

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. Mahalanobis Model
  2. Harrod-Domar Model
  3. Gadgil Formula
  4. Solow Model

Correct answer and explanation

Correct answer: Harrod-Domar Model

Explanation: āœ… Correct Answer: B) Harrod-Domar Model šŸ“š Explanation: Launched in 1951, the First Five-Year Plan focused primarily on the development of the primary sector, especially agriculture. It was based on the Harrod-Domar model, which emphasized the role of savings and investment in economic growth. This plan was largely successful, achieving a growth rate of 3.6%, which was higher than the set target.