Which of the following statements are true?

i. The First Five-Year Plan was based on the PC Mahalanobis model.

ii. The First Five-Year Plan laid emphasis on agriculture development.

iii. The Five-Year planning model in India was borrowed from Russia.

The correct answer is Only ii and iii.

Let us analyze each statement step-by-step to verify its correctness:

Statement i: Incorrect
The First Five-Year Plan (1951–1956) was based on the Harrod-Domar model, not the P.C. Mahalanobis model. The P.C. Mahalanobis model was adopted for the Second Five-Year Plan (1956–1961), which focused on rapid industrialization and heavy industries.

Statement ii: Correct
The First Five-Year Plan gave the highest priority to agricultural development to overcome food shortages and inflation caused by the partition of the country and World War II. Irrigation and power projects were major focus areas.

Statement iii: Correct
India borrowed the concept of Five-Year Plans for centralized economic planning from the former Soviet Union (USSR/Russia), where it was introduced by Joseph Stalin in 1928.

Thus, statements ii and iii are true, making Only ii and iii the correct option.