The Second Five-Year Plan (1956–1961) of India was based on which economic model that emphasized rapid industrialization and basic heavy industries?

💡 Solution & Explanation

The Second Five-Year Plan adopted the Mahalanobis Model, named after the prominent statistician Prasanta Chandra Mahalanobis, which prioritized capital-intensive heavy industries to achieve self-reliance. Conversely, the First Five-Year Plan was anchored on the Harrod-Domar Model with an emphasis on agrarian development. This planning phase laid the foundation for heavy engineering plants like steel mills in Bhilai, Durgapur, and Rourkela.