The second five-year plan was primarily based on which economic model?
Mahalanobis model
India's Second Five-Year Plan (1956–61) was drafted on the basis of the two-sector (later four-sector) growth model developed by the statistician P. C. Mahalanobis.
The model stressed rapid industrialisation through heavy and basic (capital-goods) industries led by the public sector.
The Harrod-Domar model was the basis of the First Five-Year Plan (1951–56), which focused on agriculture. The Feldman model is a Soviet growth model with similar ideas, but it was not the basis adopted for the plan, and the Keynesian model is a general demand-side macroeconomic framework, not a plan model.
Hence, the Second Five-Year Plan was primarily based on the Mahalanobis model.
Similar Questions
Which of the following was a defining feature of India’s mixed economy model during the Five Year Plan period?
Read the following Assertion (A) and Reason (R) carefully and choose the correct option.
Assertion (A): The Third Five Year Plan failed to meet its targets.
Reason (R): The failure was mainly due to external shocks like war and drought.
Read the following Assertion (A) and Reason (R) carefully and choose the correct option.
Assertion (A): The Fourth Five Year Plan aimed at growth with stability and self-reliance.
Reason (R): It was launched after the shocks of war and droughts during the previous plan period.
Important Questions from Fundamentals of Economy
- Which of the following statements is NOT correct regarding India after its adoption of new economic reforms in 1991?
- India initiated structural reforms in 1991 to address a severe balance of payments crisis. Which global institution played a key role in supporting India's 1991 reforms?
The problem of choice arises on account of the pressure of three interrelated facts, viz, human wants are unlimited, means required to satisfy these wants are limited and ____.
"What to produce?" is a basic problem faced by an economy under which of the following central problems?
In which type of economy social justice is accorded higher priority than profit maximization?
