The Second Five Year plan was based upon the ideas of which of the following statisticians?

Correct option is B

The correct answer is (b) Prasanta Chandra Mahalanobis

Explanation:

The Second Five-Year Plan (1956-1961) was based on the Mahalanobis Model, developed by Prasanta Chandra Mahalanobis. This plan emphasized rapid industrialization, particularly the growth of heavy industries and capital goods industries, to lay the foundation for long-term economic growth.

• The Mahalanobis Model focused on a "trickle-down effect", where industrial growth was expected to boost other sectors of the economy.
• It gave priority to public sector enterprises and aimed at reducing dependence on foreign technology.

Information Booster:

Concept of Five-Year Plans (FYPs)

The Five-Year Plans (FYPs) were a systematic approach to economic planning in India, where the government outlined its income and expenditure priorities for a five-year period.

Key Features:

• The government budget was divided into:
• Non-Plan Budget – Allocated annually for routine expenditures.
• Plan Budget – Allocated for long-term developmental priorities set in the FYP.
• India followed a planned economic model from 1951 to 2017, based on Five-Year Plans.
• The Planning Commission was responsible for formulating, implementing, and regulating these plans.
• In 2015, the Planning Commission was replaced by NITI Aayog, a policy think tank.
• NITI Aayog introduced three key documents for economic planning:

1.       3-Year Action Agenda

2.       7-Year Medium-Term Strategy

3.       15-Year Vision Document