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First Five Year Plan (1951-1956) The first Prime Minister, Jawaharlal Nehru presented the first plan to the Parliament of India on December 8, 1951 Objectives The primary aim was to improve living standards of the people of India. This was done by making use of India's natural resources. The total outlay was worth Rs.2,069 crore. The target set for the growth in the GDP was 2.1 percent every year
What Was Achieved? In reality, GDP of 3.6 percent per annum was achieved The following irrigation projects were started during that period: Mettur Dam ,Hirakud Dam and Bhakra Dam. Rehabilitation of landless workers, whose main occupation was agriculture. Soil conservation, was given importance. Effort in improving posts and telegraphs, railway services, road tracks, civil aviation were taken. Sufficient fund were allocated for the industrial sector. Measures were taken for the growth of the small scale industries.
Second Five Year Plan(1956-1961) The 2nd year plan, functioned on the basis of Mahalanobis model it was propounded by the famous statistician Prasanta Chandra Mahalanobis in the year 1953. His model addresses different issues pertaining to economic development. The plan attempted to determine the optimal allocation of investment between productive sectors in order to maximize long run economic growth Assumptions made by the Mahalanobis model: According to this model, it is assumed that the economy is closed and has two segments. 1. Segment of consumption goods 2. Segment of capital goods.
Second Five Year Plan(1956-1961) Objective The second five-year plan focused on industry, especially heavy industry. The Indian government boosted manufacturing of industrial goods in the country. This was done primarily to develop the public sector.
What Was Achieved? Five steel mills at Bhilai , Durgapur, Rourkela and Jamshedpur were set up Hydroelectric power plants were formed Coal production was increased. * Railway lines were added in the north east. The Atomic Energy Commission was formed in 1957 with Homi J Bhabha as the first chairman. Tata Institute of Fundamental Research was born.
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