What is five year plan

First Five Year Plan of India (1951-56)

On December 8, 1951, the Prime Minister Jawaharlal Nehru presented the first five-year plan to the Parliament of India. This was based on the Harrod-Domar model. At that time, India was facing three problems – the influx of refugees, a severe shortage of food, and also mounting inflation.

India had to recover from the partition and the disequilibrium in the economy due to the Second World War. The First Plan, therefore, had the objectives of rehabilitating refugees, agricultural development, and self-sufficiency in food along with controlling inflation.