Which of the following statements are correct regarding Five-Year Plans?

Five-Year Plans were the basic framework for the economic development of India.

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Five-Year Plans reflected the annual budget of India.

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Five-Year Plans laid down the guiding principles of India's foreign policy.

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The Planning Commission of India played an instrumental role in developing the Five-Year Plans.

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Solution

The correct option is D The Planning Commission of India played an instrumental role in developing the Five-Year Plans.
After independence, India started systematic economic planning by formulating Five-Year Plans. These were the basic frameworks for the economic development and laid down broad goals for the economy. The Planning Commission of India, under the chairmanship of the Prime Minister, played a key role in formulating these Five-Year Plans.

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