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JAIIB IE&IFS Unit 3 — Economic Planning in India & NITI Aayog: Free MCQs with Explanations

By Swarnakshi Jha (ex-banker) · Updated 20 September 2026 · Paper 1 of the November 2026 cycle (1 November 2026)

This page is a free slice of our JAIIB IE&IFS question bank for Unit 3 — Economic Planning in India & NITI Aayog (Module A — Indian Economic Architecture). The Mock Centre holds 37 questions on this unit alone, every one with a why-right / why-wrong explanation; below are the facts examiners keep returning to, five of those questions to try, and the traps that cost marks.

IE&IFS · Module A37 MCQs in the Mock Centre5 free belowPaper on 1 November 2026

Key facts examiners test from this unit

  1. Dickinson defined economic planning; National Planning Committee — INC, 1938 (Nehru); regional planning — USA 1916; national — Soviet Union 1928–33.
  2. Six objectives: growth, poverty alleviation, employment, social justice/inequality reduction, self-reliance, modernisation.
  3. Plans: 1st Harrod-Domar (3.6% > 2.1% target, 5 IITs, 44.6% public outlay); 2nd Mahalanobis (Bhilai/Durgapur/Rourkela); 3rd wars/drought (2.4%); Plan Holiday 1966–69; 4th Gadgil + bank nationalisation; 5th Twenty-Point Programme (1975); 6th 'Garibi Hatao' (textbook) + IRDP; 7th JRY 1989; two annual plans 1990–92.

5 free practice questions — tap an option

Five basic questions from this unit. Answers lock on the first tap, exactly as in the exam, and a short explanation opens underneath. The Mock Centre adds the moderate and tough questions, why every other option is wrong, the concept capsule and the exam tip — with your score and revision dates tracked.

Question 1 of 5
The SECOND Plan's (1956–61) heavy-industry strategy was devised by:
Why (b): The SECOND Plan's heavy-industry strategy was devised by PROFESSOR P.C. MAHALANOBIS — capital goods first, consumption later: the model that built India's steel and machines.
Question 2 of 5
The CHAIRMAN of NITI Aayog is the:
Why (b): The CHAIRMAN of NITI Aayog is THE PRIME MINISTER, ex-officio — with a Vice-Chairman and CEO running daily affairs.
Question 3 of 5
NITI Aayog replaced the:
Why (b): NITI Aayog replaced the PLANNING COMMISSION (established 1950) — the 65-year-old command-planning body gave way to a policy think tank.
Question 4 of 5
The LARGEST contributor to India's plan financing is:
Why (a): The LARGEST contributor to India's plan financing is DOMESTIC BUDGETARY SOURCES — tax and non-tax revenue from within.
Question 5 of 5
The steel plants established under the SECOND Plan were:
Why (b): The three public-sector plants of the Mahalanobis era (Soviet, British, German collaborations).
0 of 5 answered.

Traps in this unit

Confusable AConfusable BThe difference
USA 1916USSR 1928Regional-planning vs national-planning pioneer
19381950National Planning Committee vs Planning Commission
Practise all 37 questions on Unit 3. The free demo opens a slice of every subject with the same explanations; the IE&IFS Online-only pass unlocks all 3,032 IE&IFS questions, the full and module mocks, Smart Revision and the Readiness Score for one year (₹1,299). Not sure where you stand? Take the free 10-question test first.
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Independent study aid — not affiliated with, endorsed by, or sponsored by the Indian Institute of Banking & Finance (IIBF). Exam pattern, dates, fees and passing criteria are set by IIBF — always confirm the current rules at iibf.org.in. Regulatory figures verified as of September 2026; verify from official sources before relying on them in practice.