Analyzing Statement I: Growth with Social Justice & Equality Objective

The statement claims that the objective of "Growth with Social Justice & Equality" was introduced in the 10th Five-Year Plan. Let's examine this:

• The 10th Five-Year Plan (2002-2007) had the main objectives of accelerating economic growth, improving the quality of life, reducing poverty and employment, etc. While social justice and equity were underlying themes, the specific phrase "Growth with Social Justice & Equality" is more prominently associated with the 9th Five-Year Plan (1997-2002). The 9th Plan's approach paper explicitly stated its objective as "Growth with Social Justice and Equity".
• Therefore, Statement I, attributing this specific objective phrasing to the 10th Plan, is incorrect.

Analyzing Statement II: First Five-Year Plan & Harrod-Domar Model

The statement asserts that the first Five-Year Plan was based on the "Harrod-Domar model". Let's verify this:

• India launched its first Five-Year Plan in 1951, covering the period 1951-1956.
• This plan was primarily focused on the agricultural sector and laid the foundation for economic development.
• The theoretical framework for this plan was significantly influenced by the work of economists like R. Domar and E. Domar, whose models linked capital accumulation to economic growth. The Harrod-Domar model emphasizes the role of savings, investment, and capital-output ratio in determining the rate of economic growth.
• Thus, Statement II is correct.

Conclusion on Statements

Based on the analysis:

• Statement I is incorrect.
• Statement II is correct.

Therefore, the correct option is the one that identifies Statement I as incorrect and Statement II as correct.