Q. In which of the following sessions of Indian National Congress, it was stated by Congress that the object of the planning in the country has to be "Socialist Pattern" and not absolute "Socialism", thus paving the way for a mixed economy in India?
Answer: 1955 Avadi Session
Notes: In the Avadi session of Indian National Congress in 1955 the Congress stated that object of the planning has to be "Socialist Pattern" and not absolute "Socialism". The Socialist pattern meant that India has to be a mixed economy where private & public sector would coexist. In the same year, Imperial Bank of India, which came into being in 1921, came under the public sector and became "State Bank of India" in 1955.