First Five Year Plan was based on which of the following models?
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The First Five Year Plan was based on
Harrod-Domar Model. There were few modifications. This
model tried to explain that what should be the growth
rate to maintain full equilibrium in the economy. This
model also explained the conditions which need to be
satisfied to attain the given goal. Harrod-Domar Model
is a Keynesian model to analyse income, production and
employment in a more comprehensive long-term.