The concept of planning, which was pioneered by Soviet Union, has 2 aspects i.e. short-term plan and long-term plan. What is the duration of the short-term plan in India?
Answer & explanation
Correct answer: option 4
A plan spells out how the resources of a nation should be put to use. It should have some general goals as well as specific objectives which are to be achieved within a specified period of time. In India, these plans are divided into 2 categories: Short term plan with a period of 5 years (five-year plan) and a long term plan with a period of 20 years (Perspective plans).