Explanation: The Second Five Year Plan (1956-1961) was a pivotal period in India's economic history, marking a significant shift in the country's development strategy. The Planning Commission, established in 1950, was responsible for formulating and implementing these plans to guide India's economic growth and development.
The Second Five Year Plan was influenced by the Harrod-Domar model, which emphasized the importance of capital accumulation and investment in heavy industries for economic growth. The plan aimed to achieve self-sufficiency in industrial production and reduce the country's dependency on imports. The focus on heavy industries was driven by the belief that a strong industrial base would lead to higher productivity, technological advancement, and job creation.
Key sectors targeted under the Second Five Year Plan included steel, power, and machinery. The establishment of large-scale industries in these sectors was seen as crucial for the overall industrialization of the country. The plan also aimed to develop infrastructure, such as transportation and communication networks, to support the growth of these industries.
The shift from agriculture to heavy industries was a strategic decision to accelerate economic development and create more jobs. While agriculture remained important, the plan recognized the need to diversify the economy and build a robust industrial sector to drive long-term growth.
It is important to note that the focus on heavy industries was not without its challenges. The plan faced issues such as resource constraints, technological limitations, and the need for skilled labor. However, the emphasis on heavy industries laid the foundation for India's industrial growth in subsequent years.
In summary, the Second Five Year Plan's focus on heavy industries was a critical component of India's economic development strategy. This focus aimed to build a strong industrial base, promote economic growth, and create more jobs, setting the stage for further industrialization and economic diversification in the years to come.