Q. In India, the 5 yearly plans begun in context of which of the following situations?
A) Mixed Economy
B) Capitalist Economy
C) Socialist Economy
D) Stagnant Economy
✔ Correct Answer: Socialist Economy
Exam Insight
India's Five-Year Plans were introduced in 1951 under the guidance of the Planning Commission, a key institution set up after independence to guide the country's economic development. The first plan focused on increasing agricultural production and improving the economy post-independence. The Five-Year Plans aimed to systematically address India’s economic challenges, prioritize industrial growth, and raise the standard of living. They were an essential framework for India’s developmental strategy until the end of the Twelfth Plan in 2017.