Who formulated the 'Peoples Plan' (an economic plan) in India?

Correct option is B

Ans. (b) MN Roy

Sol.M.N. Roy (Manabendra Nath Roy) formulated the "People's Plan" in 1944 as an alternative economic development plan for India. It emphasized socialism, economic decentralization, and cooperative ownership of industries. The plan proposed nationalization of key industries, wealth redistribution, and a focus on self-sufficiency in agriculture and industry. It was prepared under the Radical Democratic Party, founded by M.N. Roy, and aimed to establish a socialist economy in independent India.

Information Booster:

• The People's Plan was based on Marxist and socialist principles.
• It opposed capitalist industrialization and favored cooperative farming.
• It advocated for free and compulsory education for all citizens.
• The plan promoted economic planning independent of British influence.
• It aimed at reducing economic inequality through wealth redistribution.
• It was different from the Bombay Plan (1944), which was formulated by Indian industrialists.
• Although not officially implemented, it influenced socialist policies in post-independence India.

Additional Information:

• (a) Jay Prakash Narayan – Known for the "Total Revolution" movement and active in India's socialist and political reforms.
• (c) Sardar Vallabhbhai Patel – Played a key role in India's integration and unification but was not associated with the People’s Plan.
• (d) C.D. Deshmukh – Served as India’s first Indian Governor of the Reserve Bank of India (RBI) and the Finance Minister (1950-1956), contributing to economic policies post-independence.