In ____, the Second Five Year Plan was formulated.

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Detailed Solution

The Second Five Year Plan was created in 1956. This was heavily focused on the development of heavy industries such as steel, as well as the construction of large dams. The state would have control over these sectors. This emphasis on heavy industry and the state's effort to regulate the economy was to guide economic policy for the next few decades. The Planning Commission was tasked with determining how to strike a balance between different states and regions, as well as which the market should initiate industries and which by the states. This strategy had many strong supporters but also some vocal detractors. Some felt it placed too much emphasis on agriculture. Others argued that it had failed to prioritise primary education.

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