Prior to India, which country introduced Five-Year Plans for policy-making purposes?

Correct option is D

The correct Ans is (d) The Union of Soviet Socialist Republics
The concept of Five-Year Plans was first introduced by the Union of Soviet Socialist Republics (USSR) under the leadership of Joseph Stalin in 1928. These plans were designed to achieve rapid industrialization, economic growth, and modernization of the economy through centralized planning. The success of this model in the USSR inspired other nations, including India, to adopt similar approaches for economic development.
Information Booster:
· India’s First Five-Year Plan: Implemented in 1951, inspired by the Soviet model, focusing on agriculture and rural development.
· The Soviet Five-Year Plans emphasized heavy industries like steel, coal, and machinery, contributing significantly to their economic expansion.
· Five-Year Plans were a hallmark of centralized economic planning in socialist and planned economies.
· In India, the Planning Commission was established in 1950 to oversee the implementation of these plans.