Which of the following statements is correct about the Five-Year Plan?

Key Points

• The first Five-Year Plan was started in 1951.
• The Five-Year Plans were centralized and integrated national economic programs initiated by the Government of India.
• The primary aim was to achieve specific economic goals and promote balanced growth.
• The Planning Commission, established in 1950, was responsible for formulating these plans.
• While the first Five-Year Plan focused on agricultural development, subsequent plans targeted various sectors such as industry, education, and health.
• The Planning Commission was replaced by the NITI Aayog in 2015.

Additional Information

• The Planning Commission was an institution in the Government of India, which formulated India’s Five-Year Plans, among other functions.
• It was established in 1950 by a resolution of the Government of India.
• The Prime Minister of India was the ex-officio chairperson of the Planning Commission.
• The Five-Year Plans were inspired by the Soviet model of economic planning and emphasized public sector development.
• With the dissolution of the Planning Commission, the NITI Aayog (National Institution for Transforming India) was formed to replace it, aiming for a more bottom-up approach to economic planning and development.