What were the views of people about the second five year plan?
Answers
Explanation:
The Second Plan focused on the development of the public sector and "rapid Industrialization ". The plan followed the Mahalanobis model, an economic development model developed by the Indian statistician Prasanta Chandra Mahalanobis in 1953. Prime Minister Jawaharlal Nehru was influenced by the industrialization that had swept the then USSR.
Five-Year Plans (FYPs) are centralized and integrated national economic. Government to promote a rapid rise in the standard of living of the people by development with a view to generate adequate productive.
The completion of the first and second Five Year Plans could not solve India's food deficiency. It led to an all out effort to achieve self-sufficiency in food and progress in agriculture.
The second five year plan, based on socialistic pattern, had targeted increase of 25% in National Income by Rapid industrialization, however, achieved target was of only 20%. Further, per capita income grew by 8% only. Domestic production of industrial products was encouraged, particularly in the development of the public sector.
The second five year plan was a big leap forward and it laid a heavy emphasis on the heavy industries. During this plan period the Industry policy resolution was amended and the primary responsibility for development was left to the Public Sector. The private sector was more or less confined to the consumer industries only. The small and cottage industries remained sluggish during this plan. The imports increased and lot and this uncovered India’s Sterling Balances. The results were seen in the third plan when India was forced to devalue its currency twice.