The question asks about the powers and functions of the erstwhile Planning Commission of India, beyond its primary role of drafting Five-Year Plans. We need to identify which of the given options correctly describes another significant authority it held.
Correct Option: A) The allocation of central plan financial resources to states and to various central ministries
The Planning Commission played a crucial role in deciding how central funds would be distributed among states for their respective development plans and how various central ministries would receive resources for implementing their schemes under the Five-Year Plans. This made it a very powerful body in India's economic governance.
The question asks about the inspiration for India's early Five-Year Plans. This relates to India's post-independence economic planning history and its influences.
Correct Option: C) The Soviet Union (USSR) — India's early Five-Year Plans were heavily inspired by the centralized economic planning model of the Soviet Union, which emphasized state control, heavy industry, and a series of five-year targets for economic development.
The question asks for the specific date when the Union Cabinet formally decided to scrap the Planning Commission. This requires knowledge of a key administrative reform in India's economic policy-making.
Correct Option: D) August 2014
The question asks to identify the last Five-Year Plan that was formulated and implemented under the Planning Commission. This requires knowledge of the timeline of India's Five-Year Plans and the institutional changes related to planning in India.
Correct Option: D) Twelfth Five-Year Plan (2012-17) — This plan was formulated under the Planning Commission and was ongoing when the Planning Commission was replaced by NITI Aayog in 2015. It was the last official Five-Year Plan of India.
The question asks about the primary focus of India's First Five-Year Plan (1951-56). To answer this, one needs to recall the historical context and economic priorities of India immediately after independence.
Correct Option: D) Agriculture, irrigation, and power projects. The First Five-Year Plan explicitly prioritized these sectors to address food shortages, develop rural infrastructure, and provide basic energy needs for a newly independent nation.
The question asks about the economic growth model that primarily influenced the strategy of India's First Five-Year Plan. We need to identify the model known for its focus on investment and capital accumulation as the key drivers of economic growth, which was central to early Indian planning.
Correct Option: D) The Harrod-Domar growth model. This model was the primary theoretical framework influencing the First Five-Year Plan. It highlighted that economic growth is directly proportional to the saving rate and inversely proportional to the capital-output ratio. The plan aimed to increase the savings rate and invest in capital-intensive projects to achieve a higher growth rate.