Harrod Domar growth model is known for highlighting the role of savings and investments. Which Five-Year Plan in India was based on this model?

Correct option is A

The correct answer is (a) First.
 The First Five-Year Plan in India (1951-1956) was based on the Harrod-Domar growth model.
 This model emphasizes the importance of savings and investments for economic growth.
 The plan focused on agricultural development, aiming to boost food production and address the post-independence food shortage.
 It also aimed at the development of the infrastructure, including irrigation and energy projects, to support agricultural growth.
Information Booster:
First Five-Year Plan (1951-56)
 The First Five-Year Plan laid the thrust of economic development in India.
 Presented by Prime Minister Jawaharlal Nehru and drafted by K.N. Raj.
 Mainly addressed the agrarian sector with significant investment in dams and irrigation, such as the Bhakra Nangal Dam.
 By the end of 1956, five Indian Institutes of Technology were established.
 Target growth rate: 2.1%, Achieved growth rate: 3.6%.
Second Five-Year Plan (1956-61)
 Stressed rapid industrialisation and the public sector.
 Drafted under the leadership of P.C. Mahalanobis.
 Emphasised quick structural transformation and imposed tariffs on imports to protect domestic industries.
 Target growth rate: 4.5%, Achieved growth rate: 4.27%.
Third Five-Year Plan (1961-66)
 Focused on agriculture and improvement in the production of wheat.
 States were given additional development responsibilities and Panchayat elections were introduced.
 Target growth rate: 5.6%, Achieved growth rate: 2.4%.
 The plan failed due to the Sino-Indian War and the Indo-Pak War, leading to "Plan Holidays."
Fourth Five-Year Plan (1969-74)
 Introduced under Prime Minister Indira Gandhi and based on the Gadgil Formula.
 Emphasised growth with stability and self-reliance, nationalised 14 major Indian banks, and boosted agriculture through the Green Revolution.
 The Drought Prone Area Programme was also launched.
 Target growth rate: 5.6%, Achieved growth rate: 3.3%.