The correct answer is Option 3, i.e 1951. To attain economic growth and prosperity in various spheres, the first five-year plan was introduced in India in 1951.
Though, the First Five year Plan was not based upon any of the well-knitted strategies of long term Planning & Development.
Although, it was focussed on several objectives such as maximum production, full employment, lowering prices, and equality of wealth.
Initially, the Five-year plans were developed, promoted, executed as well as monitored by the Planning Commission of India which was established on 15th March 1950.
There were Twelve Five Year Plans since 1951 which were presented by Planning commission till its dissolution on 17th August 2014 and it was replaced by National Institution for Transforming India(NITI) Aayog.