Which of the given statements is/are INCORRECT regarding the five-year plans of India?
1. The First Five-Year Plan prioritised agricultural development to address food security.
2. The First Five-Year Plan was based on Harrod-Domar Model.

Correct option is D

The correct answer is (d) Neither Statement 1 nor Statement 2
Explanation:
• Statement 1 is correct: The First Five-Year Plan (1951–1956) gave top priority to agriculture, irrigation, and power to boost food grain production after Independence.
• Statement 2 is correct: It was based on the Harrod-Domar Model, which emphasizes investment-led economic growth.
• The plan aimed to stabilize the economy, increase food output, and build basic infrastructure.
• The focus was on balanced growth and rural development.
• The First Plan achieved a growth rate of 3.6%, exceeding its target.
Information Booster:
• The Harrod-Domar model highlights the role of capital-output ratio and savings rate.
• The Planning Commission was set up in 1950 under PM Nehru to oversee the planning process.