The question asks for the establishment year of the Planning Commission of India, which was responsible for formulating the Five Year Plans. This is a factual question related to the history of economic planning in India.
Correct Option: A) The Planning Commission of India was established on 15 March 1950. This body was instrumental in formulating India's Five Year Plans, starting with the First Five Year Plan in 1951.
The question asks about the role of the Prime Minister in the erstwhile Planning Commission of India. Understanding the structure and functioning of the Planning Commission is key to answering this question.
Correct Option: B) The Prime Minister of India acted, ex-officio, as the Chairman of the Planning Commission.
The question asks about the individual primarily responsible for the day-to-day functioning and effective charge of the Planning Commission. This requires knowledge of the structure and key roles within the erstwhile Planning Commission of India.
Correct Option: D) Deputy Chairman, holding the rank of a Cabinet Minister
The question asks to identify the apex political body responsible for approving Five Year Plans, chaired by the Prime Minister and including Chief Ministers of all States. This requires knowledge of the institutional framework for planning in India, particularly the roles of various councils and commissions.
C) National Development Council (NDC) — The NDC was the apex body responsible for approving the Five Year Plans. It was chaired by the Prime Minister and included Chief Ministers of all States, Union Cabinet Ministers, and members of the Planning Commission, ensuring a broad consensus on national development strategies.
The question asks about the inspiration behind India's adoption of centralised economic planning through Five Year Plans. This is a historical fact related to India's post-independence economic policy.
Correct Option: D) The Soviet Union
The question asks about India's economic strategy post-independence. This requires knowledge of the historical economic models adopted by India, particularly the blend of different economic philosophies.
D) A mixed economy, with both public and private sectors playing a role. This accurately describes India's economic model after independence, where the government played a significant role in planning and owning key industries (public sector), while also allowing and encouraging private enterprise (private sector).