Before the inception of the First Five year Plan, which among the following Plans were initiated in India?

1. Bombay Plan

2. Peoples Plan

3. Sarvodaya Plan

4. Gandhian Plan

Select the answer using the code given below:

The correct answer is 1, 2, 3 and 4.

Key Points

• The Bombay Plan was proposed by a group of leading Indian industrialists in January 1944, emphasizing a mixed economy with both public and private sectors.
• The People’s Plan was drafted by M.N. Roy in 1945, which focused on the socio-economic development and welfare of people, advocating for a socialist economy.
• The Sarvodaya Plan was inspired by Mahatma Gandhi's principles and written by Jaiprakash Narayan in 1950, emphasizing self-reliance and rural development.
• The Gandhian Plan was put forward by Shriman Narayan Agarwal in 1944, focusing on decentralized economic planning and self-sufficiency at the village level.

Additional Information

• First Five Year Plan
  • Launched in 1951, it focused on agriculture and improving the living standards of people.
  • The plan aimed at addressing the immediate food crisis and establishing basic industries.
• Mixed Economy
  • A mixed economy features both private and public sector enterprises.
  • India adopted a mixed economy model post-independence to balance growth and equity.
• Socialist Economy
  • A socialist economy is characterized by public ownership of the means of production and distribution.
  • India's early economic plans had strong socialist influences, emphasizing social welfare and equitable distribution.
• Decentralized Planning
  • Decentralized planning involves local-level planning and decision-making.
  • This approach is aimed at ensuring that development is tailored to the specific needs of local communities.