Q. ‘Mixed Economy’ was envisaged for the first time in the:
Answer: Bombay Plan
Notes: ‘Mixed Economy’ was envisaged for the first time in the Bombay Plan. The Bombay Plan was considered to be the first blueprint for India's economic planning. The Bombay Plan was formulated in 1944, by India's top industrialists including JRD Tata and GD Birla, with the help of a few economists. There was a great deal of convergence between the Bombay Plan and the official Five-Year Plans adopted after Independence. The extensive role for the state, the strong emphasis on basic and heavy industry and the ‘mixed’ economy model were some of the areas of convergence.