[Mission 2022] QUIZ – 2022: INSIGHTS STATIC QUIZ, 07 April 2022 – Economy – INSIGHTSIAS

Solution: b)

The First Five-year Plan was launched in 1951 which mainly focused in development of the primary sector. It was the second FYP that chose heavy industries as the Central plank of development planning.   

At the end of the plan period in 1956, five IITs were started as major technical institutions. The University Grants Commission (UGC) was set up to take care of funding and take measures to strengthen the higher education in the country.

The Bombay Plan is the name commonly given to a World War II-era set of proposals. It was published in 1944/1945.

Solution: b)

Sarvodaya Plan was formulated by the famous socialist leader Jayaprakash Narayan— it was published in January 1950. The plan drew its major inspirations from the Gandhian techniques of constructive works by the community and trusteeship as well as the Sarvodaya concept of Acharya Vinoba Bave, the eminent Gandhian constructive worker.

Major ideas of the plan were highly similar to the Gandhian Plan like emphasis on agriculture, agribased small and cottage industries, self-reliance and almost no dependence on foreign capital and technology, land reforms, self-dependent villages and decentralised participatory form of planning and economic progress, to name the major ones.

Solution: d)

The Gadgil formula was evolved in 1969 for determining the allocation of central assistance for state plans in India. It was adopted for distribution of plan assistance during Fourth and Fifth Five Year Plans.

Solution: c)

Espousing the spirit of the Gandhian economic thinking, Sriman Narayan Agarwal formulated The Gandhian Plan in 1944. The plan laid more emphasis on agriculture. Even if he referred to industrialisation, it was to the level of promoting cottage and village-level industries, unlike the NPC and the Bombay Plan which supported a leading role for the heavy and large industries. The plan articulated a ‘decentralised economic structure’ for India with ‘self-contained villages’.

Solution: d)

Garibi Hatao was part of the 5th Five-Year Plan.