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Answer: The Second Five-Year Plan was based on Prasanta Chandra Mahalanobis’s economic development model, which was developed in 1953.
Indian Statistical Institute (ISI) founder PC Mahalanobis is known as the “father of Indian Statistics” for his work in Calcutta in 1931.
He served on India’s first Planning Commission as a member of the country’s newly independent government.
The years 1956-1961 were included in the second five-year strategy.
The second five-year plan emphasised the development of the public sector and the rapid industrialization of the economy. In order to maximise long-term economic growth, the plan aimed to determine a balanced allocation of investment in productive sectors.
As a result, Russia, the United Kingdom, and West Germany helped build hydroelectric power plants across the country, as well as five steel plants in Bhilai, Durgapur, and Rourkela. The amount of coal produced has gone up. All across the country, new railway lines were built.
