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Difficulty: EasyEconomic Planning History, NITI Aayog, and Structural Reforms

Arrange the following key milestones in India's economic planning history and structural reforms in correct chronological order from earliest to latest:

  1. 1Establishment of the Planning Commission of India
  2. 2Launch of the First Five-Year Plan
  3. 3Implementation of Liberalization, Privatization, and Globalization (LPG) Structural Reforms
  4. 4Establishment of NITI Aayog

Answer

The correct chronological order is: Establishment of the Planning Commission of India (1950) → Launch of the First Five-Year Plan (1951) → Implementation of LPG Structural Reforms (1991) → Establishment of NITI Aayog (2015).
The correct sequence follows the historical progression of Indian economic policy: The Planning Commission was set up in March 1950, followed by the initiation of the First Five-Year Plan in April 1951. Decades later, India undertook landmark LPG structural reforms in July 1991. Finally, NITI Aayog was established on January 1, 2015, replacing the Planning Commission.

Step-by-Step Solution

1
Identify the year of the Planning Commission's establishment
The Planning Commission was established in March 1950.
This marked the official beginning of state-led planned economic development in post-independence India.
2
Identify the start year of the First Five-Year Plan
The First Five-Year Plan covered the period from 1951 to 1956.
It was launched shortly after setting up the Planning Commission.
3
Identify the timeline of major LPG structural reforms
The New Economic Policy introducing LPG reforms was unveiled in July 1991.
This occurred in response to the severe balance of payments crisis of 1991.
4
Identify the date NITI Aayog came into existence
NITI Aayog replaced the Planning Commission on January 1, 2015.
It was established to foster cooperative federalism and bottom-up policy planning.
5
Sequence the events from earliest to latest year
1950 → 1951 → 1991 → 2015.
Arranging the years chronologically yields the final sequence.

Key Concept

Chronology of Economic Planning and Reforms in India
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Topics

Economic Planning History, NITI Aayog, and Structural Reforms