planning economic development & five year plans section 6 MCQ Questions & Answers Detailed Explanation

Answer: (b)

The economy of India had undergone significant policy shifts at the beginning of the 1990s at the time of the eighth plan. This new model of economic reforms is commonly known as the LPG or Liberalization, Privatization and Globalization model.

LPG model of economic development in India was proposed by Dr Manmohan Singh, economist and finance minister at that time.

Moreover, the Eighth plan envisaged an annual average growth rate of 5.6% but the real growth rate was 6.8%.

Answer: (d)

Answer: (a)

The objective of Rashtriya Mahila Kosh is to facilitate credit support to poor women for this socioeconomic upliftment.

Answer: (b)

The service sector experienced the fastest expansion during the plan in India which was predominantly an agricultural economy at the time of independence.

It includes:

1. telecommunication,
2. hospitality industry/tourism,
3. mass media,
4. healthcare/hospitals,
5. information technology,
6. banking,
7. insurance,
8. investment management,
9. accountancy,
10. legal services,
11. consulting,
12. retail sales,
13. real estate, and
14. education.

Currently, the maximum contribution to national income comes from the service sector which contributes around 60%.

Answer: (d)

The Bombay Plan is the name commonly given to a World War II era consisting of a set of proposals for the development of the post-independence economy of India.

The plan, published in 1944/1945 was endorsed by eight leading Indian industrialists including Tata & Birla Group.

Shri Shriman Narayan was a renowned interpreter of Gandhian economic thought whose “Gandhian plan for Economic Development for India’’ was published as early as 1944. In 1944, Roy published the People’s Plan for Economic Development of India.

Sarvodaya plan was given by Jai Prakash Narayan for the upliftment of all.

Answer: (b)