Correct Answer: Second Five-year Plan

Solution : The correct answer is the Second Five-year Plan .

During the Second Five-Year Plan (1956-1961), India, under the influence of the Harrod-Domar Growth Model and Prof. P. C. Mahalanobis' sectoral models, emphasized rapid industrialization, particularly in heavy and basic industries. This phase, known as the Mahalanobis Plan, sought economic stability, lowering the priority of agriculture. The Industrial Policy of 1956 aimed at establishing a socialistic pattern of society, advocating substantial imports through foreign loans. However, acute forex shortages forced a reduction in development targets, contributing to the modest success of the plan amidst challenges like rising prices and economic constraints.