Question
Download Solution PDFDuring the first five year plan, the highest priority was accorded to ________:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe First Five-Year Plan (1951-1956) was India's first structured economic development plan after independence. It was based on the Harrod-Domar model, which emphasized economic growth through investment and capital formation.
Key Points
- The highest priority during the First Five-Year Plan was given to agriculture.
- The Indian economy was largely agrarian, and food security was a major concern due to past famines and shortages.
- The plan focused on increasing agricultural production, irrigation expansion, land reforms, and community development programs.
- Major irrigation projects like the Bhakra-Nangal Dam and Damodar Valley Project were initiated to improve water supply for farming.
Hint
- Industrial development was emphasized in the Second Five-Year Plan (1956-1961) with the Mahalanobis model.
- Defense was not the focus during this period, as India aimed to allocate resources towards economic recovery and development.
- Commerce was not given top priority, as trade and commercial activities were secondary to strengthening the rural economy and ensuring food security.
Hence, the correct answer is agriculture.
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