Identify the incorrect statement with reference to planning commission:

(A) The President is the Chairperson of the Planning Commission

(B) The Planning commission was set up in March 1950

(C) The concept of five year plan was adopted from USA

(D) A section of big industrialist get together in 1944 and drafted a joint proposal called 'Bombay Plan'

(E) The draft of the first five year plan was released in December 1951

Choose the correct answer from the options given below:

(A) And (C) Only

The correct answer is option (1) - (A) And (C) Only

Let us understand each statement one by one:

(A) The President is the Chairperson of the Planning Commission - INCORRECT

Correct statements should be: The PRIME MINISTER is the Chairperson of the Planning Commission.

(B) The Planning commission was set up in March 1950 - CORRECT

The Planning Commission was set up in March 1950 by a simple resolution of the Government of India. The Prime Minister was its Chairperson. It was an extra-constitutional and non-statutory body. It became the most influential & central machinery for deciding what path & strategy India would adopt for its development. It had an advisory role and its recommendations became effective only when the Union Cabinet approved these. The Government of India replaced the Planning Commission with a new institution named NITI Aayog.

(C) The concept of five year plan was adopted from USA - INCORRECT

Correct statements should be: The concept of five year plan was adopted from USSR.

(D) A section of big industrialist get together in 1944 and drafted a joint proposal called 'Bombay Plan' - CORRECT

A section of the big industrialists got together in 1944 and drafted a joint proposal for setting up a planned economy in the country. It was called the Bombay Plan. The Bombay Plan wanted the state to take major initiatives in industrial and other economic investments. Thus, from left to right, planning for development was the most obvious choice for the country after Independence.

(E) The draft of the first five-year plan was released in December 1951 - CORRECT

The draft of the First Five-Year Plan and then the actual Plan Document, which was released in December 1951, generated a lot of excitement in the country. Journalists, Academicians, Government and Private sector employees, Farmers, Industrialists, Politicians, etc. – discussed and debated the documents extensively.

(As per NTA, the correct answer is option 1- (A) And (C) Only)