Step 1: Understanding India's Economic Planning:
After gaining independence in 1947, India established the Planning Commission in 1950 to formulate plans for the country's economic and social development. The primary tool for this was the Five-Year Plans.
Step 2: Timeline of the First Plan:
The First Five-Year Plan was launched for the period from 1951 to 1956. It was based on the Harrod-Domar model and focused primarily on the development of the primary sector, particularly agriculture and irrigation. The plan was presented by the first Prime Minister, Jawaharlal Nehru.
Step 3: Final Answer:
The first Five-Year Plan was introduced in the year 1951.