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The Tata Institute of Fundamental Researchand Atomic Energy Commission of India was established as research institutes. P.C. ADVERTISEMENTS: India’s Second Five-Year Plan (1956-61)! }; helloscholar © 2020. (v) To attain the annual growth rate of 5%. select course Plagiarism Prevention 4. This represented an increase of about 25% over the five-year period. Drafted by statistician P.C. Box 2.3: Mahalanobis: the Architect of Indian Planning Many distinguished thinkers contributed to the formulation of our five year plans. It used the prevalent state of art techniques of operations research and optimization as well as the novel applications of statistical models developed at the Indian Statistical Institute. Mahalanobis Model: The 2nd year five year plan, functioned on the basis of Mahalanobis model. If the First Five-Year Plan focused on agriculture and energy, the Second Five-Year Plan focused on the development of the public sector and rapid industrialisation. Mahalanobis was the moving spirit behind the second five year plan. Among them, the name of the statistician, Prasanta Chandra Mahalanobis, stands out. TOS 7. Mahalanobis, the Second Plan was also called the Mahalanobis Plan. (iv) Reduction in inequalities of income and distribution. Planning, in the real sense of the term, began with the Second Five Year Plan. 299 to Rs. 7.2.4 The first Five-year Plan was launched in 1951 and two subsequent five-year plans were formulated till 1965, when there was a break because of the Indo-Pakistan Conflict. There was, however, a fall in the production of Jute. Growth Model of the Second Five-Year Plan: The Second Five Year Plan envisaged an increase in the total national income from Rs. This plan was an “Industrial and Transport Plan” in contrast to the first plan which was called the Agriculture and Irrigation Plan. location.href = this.options[this.selectedIndex].value; Mahalanobis became essentially the key economist of India’s Second Five Year Plan, becoming subject to much of India’s most dramatic … Mahalanobis was the moving spirit behind the second five year plan. 945 crore for social services and Rs. He gave the highest priority to strengthening the industrial base of the economy. All Rights Reserved. The production capacities of Tata Iron and steel Company, Indian Iron and Steel Company, Mysore Iron and Steel Co. were raised by 7 lakh tonnes, 5 lakh tonnes and 75 thousand tonnes respectively. 10,800 crores in 1955-56 to Rs. This amount was allocated among various sectors: power and irrigation, social services, communications and transport, and miscellaneous. Harrod Domar model iii) Eighth plan 3. 12 Five-Year Plans in India. The idea of 5 year plan was borrowed from USSR. Drafted by statistician P.C. Mahalanobis, Indian statistician who devised the Mahalanobis distance and was instrumental in formulating India’s strategy for industrialization in the Second Five-Year Plan (1956–61). 326 during the plan period at 1960-61 prices. Before publishing your articles on this site, please read the following pages: 1. Thus the strategy suggests in order to reach a high standard in consumption, investment in building a capacity in the production of capital goods is firstly needed. The plan followed the Mahalanobis model, an economic developmentmodel developed by the Indian statistician Prasanta Chandra Mahalanobis in 1953. Image Guidelines 5. The Feldman–Mahalanobis model The Feldman–Mahalanobis modelis a Neo-Marxian model of economic development, created independently by Soviet economist Grigory Feldman in 1928, and Indian statistician Prasanta Chandra Mahalanobis in 1953. His model addresses different issues pertaining to economic development. Originally the second plan proposed a total public sector outlay of Rs. The plan assumed a closed economy in which the main trading activity would be centred on importing capital goods. This was the USSR model indianized by PC Mahalanobis, the founder of Indian Statistical Institute and a close aide of Nehru. var urlmenu = document.getElementById('menu1'); Some 9.5 million jobs were created during the plan period. Mahalanobis became essentially the key economist of India’s Second Five Year Plan, becoming subject to much of India’s most dramatic … India started its planned development of its economy in 1951 when First Five-Year Plan was started. 560 crore was made for agriculture and community development, Rs. In 1957 a talent search and scholarship program was begun to find talented young students to train for work in nuclear power. The national income increased from Rs. (c) The Second Plan was being essentially “an industry and transport plan”, India started producing large quantities of machinery, machine tools for agriculture, industry and transport, heavy electrical equipment and scientific instrument. The plan attempted to determine the optimal allocation of investment between productive sectors in order to maximise long-run economic growth. Production of cotton increased by 31.5%; tea by 9% and sugarcane by 22.5%. urlmenu.onchange = function() { The Mahalanobis model was propounded by the famous Prasanta Chandra Mahalanobis in the year 1953. The growth rate of per capita income was low because of higher rate of population. The population growth rate was more than 2% per annum during the plan period. Assumptions made by the Mahalanobis model: There was emphasis on the expansion of the public sector and establishment of a socialistic pattern of society. Mahalanobis became essentially the key economist of India’s Second Five Year Plan, becoming subject to much of India’s most dramatic economic debates. Out of this total, provision of Rs. (a) The national income of India increased and the per capita income increased by 8%. Hydroelectric powerprojects and five steel plants at Bhilai, Durgapur, and Rourkela were established with the help of Russia, Britain (the U.K) and West Germany respectively. Jobs Second Five Year Plan of India (1956-61) The focus of the Second Plan was rapid industrialization, especially the development of heavy industries and capital goods, like iron, steel, chemicals, etc. 14,140 crore and per capita income rose from Rs. The 2nd year five year plan, functioned on the basis of Mahalanobis model. Bank ADVERTISEMENTS: It was in this light that the 1948 Industrial Policy Resolution […] ii) Perspective plan is a long term plan to be achieved over a period of 20 years. Coal production was increased. Report a Violation. A high enough capacity in the capital goods sector in the long-run expands the capacity in the production of consumer goods. Another achievement in the industrial field was the production of new items, such as tractors, newsprint, motor cycles, scooters, sulpha and antibiotic drugs, DDT, etc. The second plan was to set India on the path of industrialisation. P.C. Second Plan (1956–1961) The Second Plan focused on the development of the public sector and "rapid Industrialisation". 13,480 crores in 1960-61 (calculated at 1952-53 prices). Mahalanobis, the Second Plan was also called the Mahalanobis Plan. It was in this light that the 1948 Industrial Policy Resolution was revised and the new resolution of 1956 was adopted. The Second Plan was particularly in the development of the public sectorand “rapid Industrialisation”. 99 crore for the miscellaneous category. Second plan was conceived in an atmosphere of economic stability . 1385 crore for transport and communication, Rs. Prohibited Content 3. The second plan was to set India on the path of industrialisation. The second five-year plan is based on so-called Mahalanobis model. The Mahalanobis model was propounded by the famous Prasanta Chandra Mahalanobis in the year 1953. Content Filtrations 6. The plan followed the Mahalanobis model, an economic development model developed by the Indian statistician Prasanta Chandra Mahalanobis in 1953. The second five year plan is based on so called Mahalanobis model. 11,670 crore to Rs. Mahalanobis model ii) Second plan 2. Professor Mahalanobis developed the plan. More railwaylines were added in the north east. The Feldman–Mahalanobis model The Feldman–Mahalanobis modelis a Neo-Marxian model of economic development, created independently by Soviet economist Grigory Feldman in 1928, and Indian statistician Prasanta Chandra Mahalanobis in 1953. Third Five Year Plan of … His model addresses different issues pertaining to economic development. This was the USSR model Indianized by PC Mahalanobis, the founder of Indian Statistical Institute and a close aide of Nehru. (ii) Rapid industrialisation of the country with particular emphasis on the development of basic and key industries. (b) Food production increased by 15% from 67 million tonnes (MT) to 75 million tonnes (MT). He gave the highest priority to strengthening the industrial base of the economy. 4672 crore. (iii) A large expansion of employment opportunities by developing labour-intensive projects and small scale industries. The target growth rate was 4.5% and the actual growth rate was 4.27%. 913 crore for irrigation and power, Rs. 890 crore for industry and mining, Rs. The essence of the model is a shift in the pattern of industrial investment towards building up a domesticconsumption goods sector. Community development, Rs Commission of India increased and the actual growth was! 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