planning economic development & five year plans section 5 MCQ Questions & Answers Detailed Explanation

Answer: (b)

The main objective of the third five-year plan was to make the economy self-dependent. The Third Five-year Plan stressed agriculture and improvement in the production of wheat so as to be self-sufficient.

Thus during the planned period, the high yielding varieties programme (HYVP) was started in India to increase the yield of crops.

Answer: (c)

Answer: (c)

When economic development takes place, specialisation increases. Economic development typically involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates.

GDP does not take into account other aspects such as leisure time, environmental quality, freedom, or social justice; alternative measures of economic well-being have been proposed.

Essentially, a country’s economic development is related to its human development, which encompasses, among other things, health and education.

These factors are, however, closely related to economic growth so that development and growth often go together.

Answer: (a)

The rural infrastructure fund was set up by the Government in 1995–96 for financing ongoing rural Infrastructure projects.

The Fund is maintained by the National Bank for Agriculture and Rural Development (NABARD).

Domestic commercial banks contribute to the fund to the extent of their shortfall in stipulated priority sector lending to agriculture.

Answer: (b)

The second five-year plan was based on P.C. Mahalanobis Model.

The Mahalanobis model is a Neo-Marxist model of economic development, created by statistician Prasanta Chandra Mahalanobis in 953.

Mahalanobis became essentially the key economist of India’s Second Five Year Plan.

Answer: (a)