Consider the following statements 1 The idea of Five Year Plan in India was borrowed from the USSR r...........

Economic Affairs Industrial Policy and Industrial Growth

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Consider the following statements

1.The idea of Five Year Plan in India was borrowed from the USSR’s constitution.

2.The erstwhile Planning Commission was a statutory body headed by the Prime minister of India.

Which of the given statement/s is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

1 only

The idea of Five-Year Plans in India was indeed borrowed from the USSR's constitution. The first Five-Year Plan in India was launched in 1951, and the concept was inspired by the Soviet Union's centralized economic planning model.

The statement that the erstwhile Planning Commission was a statutory body headed by the Prime Minister of India is incorrect. The Planning Commission was not a statutory body; it was an executive body that operated through executive resolutions and administrative decisions. It was headed by the Prime Minister, but its status was not statutory. The Planning Commission has been replaced by the NITI Aayog in 2015.