Match the following personalities in List 1 correctly with the description associated with them in List 2:

Choose the correct answer from the given options:

(A)- III, (B)- I, (C)- IV, (D)- II

The correct answer is Option 3 - (A)- III, (B)- I, (C)- IV, (D)- II

The correct match is:

Explanation:

The First Five-Year Plan (1951–1956) sought to get the country’s economy out of the cycle of poverty. K.N. Raj, a young economist involved in drafting the plan, argued that India should ‘hasten slowly’ for the first two decades as a fast rate of development might endanger democracy. The First Five Year Plan addressed, mainly, the agrarian sector including investment in dams and irrigation.

The Second FYP stressed heavy industries. It was drafted by a team of economists and planners under the leadership of P. C. Mahalanobis

Soon after India became independent, the Planning Commission came into being. The Prime Minister was its Chairperson. Thus Pandit Jawaharlal Nehru became the first chairperson of the Planning Commission.

The Government of India replaced the Planning Commission with a new institution named NITI Aayog. NITI Aayog stands for National Institution for Transforming India. The NITI Aayog came into existence on 1 January 2015. The Prime Minister was its Chairperson. At that time Shri Narendra Modi was the PM of India. Thus, he became the first chairperson of the NITI Aayog.