Consider the following statements with reference to the Planning Commission of India 1 It was set up...........

Indian Economic System Planning in India

Consider the following statements with reference to the Planning Commission of India:

1. It was set up after the first general elections were held in India.

2. The Union Home Minister was the exofficio chairman of the commission.

3. The five-year plans devised by the commission were also known as perspective plans.

How many of the statements given above are correct?

Only one

Only two

All three

None

Statement 1 is incorrect: The planning commission of India was set up in 1950 to formulate plans for the most effective and balanced utilisation of the country's resources and also to indicate the factors that retard economic development and to formulate a plan to eliminate those factors. While the first general elections were held in 1951-52.
Statement 2 is incorrect: The Prime Minister was the ex-officio chairman of the Planning Commission and not the Union Home Minister.
Statement 3 is incorrect: In India, plans were of five years duration and were called five year plans. Our plan documents up to the year 2017 not only specify the objectives to be attained in the five years of a plan but also what is to be achieved over a period of twenty years. This long-term plan is called ‘perspective plan’. The five year plans were supposed to provide the basis for the perspective plan.