​The Five-Year Plans in India were based on the model of which economist?

Correct option is B

​The correct answer is (b) Mahalanobis

Explanation:

• India’s Five-Year Plans, especially the Second Five-Year Plan (1956–1961), were based on the Mahalanobis Model, developed by Prasanta Chandra Mahalanobis, a renowned Indian statistician and economist.
• This model laid emphasis on heavy industries and capital goods sector as the foundation for long-term economic development. It was crucial in shaping India’s planned economy during the Nehruvian era.

Information Booster:

Key Contributions of PC Mahalanobis:

• Founder of Indian Statistical Institute (ISI):
  Established in 1931 in Kolkata. Played a pivotal role in promoting statistical studies in India.
• Mahalanobis Distance:
  Introduced a statistical measure known as the Mahalanobis distance — used in multivariate analysis to measure the distance between a point and a distribution.
• Father of Indian Planning:
  Played a crucial role in formulating India's Second Five-Year Plan (1956–1961), which focused on rapid industrialization, especially in the public sector.
• Mahalanobis Model:
  An economic model emphasizing the growth of heavy industries to drive the Indian economy — the core of the Second Five-Year Plan.
• Role in Planning Commission:
  He was a member of India’s Planning Commission and a close adviser to Prime Minister Jawaharlal Nehru.

Additional Knowledge:

• Karl Marx – Known for Marxist theory and class struggle; inspired leftist ideologies.
• Adam Smith – The father of modern economics and advocate of laissez-faire (free market).
• John Maynard Keynes – Known for Keynesian economics (government intervention in the economy), which did influence global economic thought.