India’s First Five-Year Plan (1951 – 1956) was based on which of the following economic growth models ?
Harrod-Domar Model
India's First Five-Year Plan (1951-56), drafted under the Planning Commission with K.N. Raj among its leading planners, gave top priority to agriculture, irrigation and power.
It was based on the Harrod-Domar growth model, which links the growth rate of an economy to its savings (investment) rate and the capital-output ratio.
The Mahalanobis model, influenced by the Feldman model, guided the Second Plan with its focus on heavy industry, while the Lewis dual-sector model is a theory of surplus labour, not the basis of the First Plan.
Hence, Harrod-Domar Model.
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