The concept of a Five Year Plan was inspired by which country?

Correct option is A

The correct answer is (a) Soviet Union

Explanation:

The concept of the Five Year Plan was inspired by the Soviet Union, which introduced this planning method in the 1920sto fast-track industrialization and economic growth. The idea was later adopted by many countries, including India, to accelerate their economic development in a structured and systematic way.

Information Booster:

• The Soviet Union implemented its first Five-Year Plan in 1928 under Joseph Stalin to boost heavy industry, collectivize agriculture, and modernize the economy.

• India adopted the Five-Year Plan concept in 1951, with the guidance of economic planners who were influenced by the Soviet approach to centralized planning.

• The Five-Year Plan system aims to set clear, measurable goals and timelines for achieving economic and industrial targets within a five-year period.

• The Five-Year Plans in India initially focused on industrialization,agriculture, and infrastructure development.

• The Soviet Five-Year Plans became a model for many developing nations, particularly those with socialist or mixed economic systems.

Additional Information:

• United Kingdom – The UK did not follow the Five-Year Plan system; its economic approach was more market-driven, with less emphasis on centralized planning.

• United States – The United States also did not implement Five-Year Plans; it followed a more capitalist, market-driven economy without a formalized system of planning like that of the Soviet Union.

• France – Although France has had various national planning initiatives, it was the Soviet Union that pioneered the Five-Year Plan concept, not France.