The First Five Year Plan (1950-1956) 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 addressed, mainly the agrarian sector including investment in dams and irrigation.
Agricultural sectors was hit hardest by partition and needed urgent attention. Huge allocation were made for large-scale projects like the Bhakhra Nangal principal obstacle in the way of agricultural growth. It focused on land reforms as the key to the country’s development.
The first plan had preached partience, the second wanted to bring about quick structural transformation by this plan was finalised. The Second Five Year Plan has to carry forward the process initiated in the First Five Year Plan.