71. Who is known as the architect of India’s planned economy?
a) Jawaharlal Nehru
b) Mahalanobis
c) B.R. Ambedkar
d) Rajendra Prasad
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Answer: b) Mahalanobis Explanation: Prasanta Chandra Mahalanobis, a brilliant statistician, was the brain behind the Second Five-Year Plan and gave us the Mahalanobis model (a mix of math and magic that no one outside Delhi quite understood fully back then!). While Nehru was the visionary, Mahalanobis drew the actual blueprint for heavy-industrial growth—or what we now call “Soviet-style seriousness with Indian jugaad.”
72. What was the primary objective of India’s First Five-Year Plan (1951–56)?
a) Industrial expansion
b) Green Revolution
c) Agricultural development and infrastructure
d) Liberalization of trade
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Answer: c) Agricultural development and infrastructure Explanation:
Post-independence, India was still recovering from Partition chaos, food shortages, and a colonial hangover. The First Plan, inspired by the Harrod-Domar model, prioritized agriculture, irrigation, and infrastructure. It was like a patient recovering from trauma—first, feed the stomach, later build the muscles!
73. Which plan is also known as the ‘Mahalanobis Plan’?
a) First Five-Year Plan
b) Second Five-Year Plan
c) Third Five-Year Plan
d) Fourth Five-Year Plan
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Answer: b) Second Five-Year Plan Explanation:
The Second Plan (1956–61) was based on Mahalanobis’ heavy-industrial model, which focused on building capital goods industries. Think of it as putting all your savings into buying factory machines rather than a food stall. It hoped to make India future-ready—though the present often went hungry!
74. What led to the discontinuation of the Fourth Five-Year Plan?
a) Foreign invasion
b) Death of key economists
c) Economic shocks from wars and drought
d) Implementation of GST
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Answer: c) Economic shocks from wars and drought Explanation:
The Fourth Plan (1969–74) started with high hopes but was ambushed by the 1971 war, refugee influx from Bangladesh, and severe droughts. It was like planning a vacation and landing in a survival reality show. Instead of “growth with stability,” India got inflation with instability.
75. Which of the following plans introduced the slogan “Garibi Hatao”?
a) Fifth Five-Year Plan
b) Sixth Five-Year Plan
c) Fourth Five-Year Plan
d) Seventh Five-Year Plan
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Answer: a) Fifth Five-Year Plan Explanation:
The Fifth Plan (1974–79), under Indira Gandhi, gave us the rallying cry “Garibi Hatao” (Remove Poverty)—though ironically, poverty refused to budge so easily. It aimed to blend growth with social justice and employment schemes. Some critics say it worked more as a political slogan than an economic miracle.
76. The Planning Commission was established in:
a) 1947
b) 1950
c) 1951
d) 1956
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Answer: b) 1950 Explanation:
Set up on 15th March 1950, the Planning Commission was India’s central think tank for economic planning. Imagine a group of economic engineers trying to steer a newly independent, exhausted nation onto a highway of growth—without Google Maps, and with a lot of red tape!
77. Which of the following Five-Year Plans witnessed the nationalization of banks?
a) Third Plan
b) Fourth Plan
c) Fifth Plan
d) Sixth Plan
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Answer: b) Fourth Plan Explanation:
In 1969, during the Fourth Plan, 14 major banks were nationalized. This move was aimed at ensuring credit availability to agriculture and small industries, but also gave the government a monopoly on scolding loan defaulters with more authority.
78. The concept of ‘Indicative Planning’ was first adopted in which Plan?
a) Eighth Five-Year Plan
b) Ninth Five-Year Plan
c) Tenth Five-Year Plan
d) Eleventh Five-Year Plan
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Answer: a) Eighth Five-Year Plan Explanation:
After 1991 liberalization, India moved from directive (command-style) planning to indicative planning starting with the Eighth Plan (1992–97). Think of it as a guidance counselor instead of a strict principal. The government started giving broad goals, leaving implementation largely to markets and states.
79. What was a major feature of the Tenth Five-Year Plan (2002–2007)?
a) License Raj
b) Controlled economy
c) Target of doubling per capita income
d) Introduction of demonetization
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Answer: c) Target of doubling per capita income Explanation:
The Tenth Plan aimed to double per capita income in 10 years and achieve 8% annual growth. It was bold and forward-looking. Though not all goals were achieved, it was like aiming for a century and getting a solid half-century with extras.
80. Which Plan period saw the transition from Planning Commission to NITI Aayog?
a) Twelfth Plan
b) Eleventh Plan
c) Tenth Plan
d) Ninth Plan
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Answer: a) Twelfth Plan Explanation:
The Twelfth Plan (2012–17) was the last official Five-Year Plan. In 2015, the Planning Commission was replaced by NITI Aayog, envisioned as a more bottom-up, think tank-style body. While the Commission was more like a school principal, NITI Aayog is the friendly tuition teacher—less authority, more flexibility!
