Five Year Plan

The Indian economy has been premised on the concept of planning. This has been carried through the Five-Year Plans, developed, executed, and monitored by the Planning Commission. With the Prime Minister as the ex-officio Chairman, the commission has a nominated Deputy Chairman, who holds the rank of a Cabinet Minister

 

First Five Year Plan – 1951-1956 

Objectives

  • Correcting the disequilibrium in the economy caused by war and partitioning
  • Rising National Income and steady improvement in living standard
  • evelopment of Agriculture was also the aim of the Plan

Achievement : Growth rate of 3.6 % (Target : 2.1 %)

 
Other features
  • 1952 Community Development Program start
  • University Grant Commission was setup
  • Number of Projects like Bakranangal, Damodar Valley, Hirakud etc undertaken
  • Successful plan as good harvest in the last two years of the plan

Second Five Year Plan- 1956-1961

  • The second five year plan was bolder than the first five year plan
  • It involves the plan of development of both Urban and Rural India

Objectives

  • It involves the Rapid Industrialisation
  • Rebuild rural India and to advance towards the socialistic pattern of Society

Achievements : Growth rate of 4.1 % per annum (Target : 4.5%)

 

Other Features

  • Construction of Steel plants in Bhiali (Chhattisgharh), Durgapur (West Bengal) and Rourkela (Odisha)
  • Deficit Financing started in this plan

Deficit Finance: Government spend more money than it receives as revenue, the difference is made up by borrowing or minting new funds

 

Third Five Year Plan-1961-1966

Objectives

  • Self Reliant and Self Sustained Economy
  • Secure rise in national income of over 5% per annum
  • Expand basic industries like steel,fuel and power
  • Substantial expansion of employment opportunities

Achievements : Growth rate of 2.72% per annum (Target :5.6%)

 

Other Features

  • Bokaro steel plant in 1964
  • Extension of Intensive Agriculture District program (IADP) through out India
  • Adding high yield verities of program under the new Agricultural strategy

Reason for failure of achievement : Indo-China war, Indo-Pak war, Two successive years of drought, devaluation of currency

 

No five year plan between 1966-1969. Their is only annual plans. Green revolution begins in India between 1966-69.

 

Green Revolution : Research, development and technology initiatives occurring between 1940s and 1960s which increase the agriculture production worldwide mainly in developed countries

Fourth Five Year Plan 1969-1974

Objectives

  • Self reliance and growth with stability
  • Attainment of social Justice and equality
  • Create more employment opportunities
  • Perspective planning was launched

Achievements : Growth rate of 2.05 % per annum (Target : 5.7%)

 

Other Features

  • 14 banks were nationalized
  • Operation for increasing milk production
  • MRTP act 1969 (Monopolies and Restrictive Trade Practices Act)
  • India started overcome the crisis caused by drought, war and recession
 

Fifth Five Year Plan 1974-1978

Objectives

  • Removal of Poverty
  • Self reliance
  • To bring inflation under the control
  • Raise the income of people below poverty line

Achievements : Growth rate of 4.83 % per annum (Target : 4.4%)

 

Other Features

  • Minimum needs program
  • Garibi Hatao Slogan
  • To step up domestic rate of saving

Annual Plan 1978-1980

Fifth plan terminated by the Janatha Party came in power in 1978 and executed plan on 1978-1980. They introduced the Rolling Plan

 

Rolling Plan : The plan adopted by the successive government was felxible. They can be altered at any time. The main focus of the plan was

  • Enlargement of employment potential in agriculture.
  • Allied activities to raise income of lower class society.
 

Sixth Five Year Plan 1980-1985

Objectives

  • Employment Generation
  • Strengthening modernization to achieve economic and self reliance

Achievements : Growth rate of 5.6 % per annum (Target : 5.2%)

Per Capita Income : 3.1%

 

Other Features

  • Strengthening agriculture and industry
  • four main scheme were implemented under this planning
  1. IRDP      – Integrated Rural Development Program
  2. NREP     – National Rural Employment Program
  3. TRYSEM – Training for rural Youth in Self Employment
  4. DWCRA  – Development of Women and Children in Rural Areas
 

Seventh Five Year Plan 1985-1990

Objectives

  • Modernisation
  • Growth, Self reliance and social justice
  • To accelerate food grains production

Achievements : Growth rate of 6.0 % per annum (Target : 5.0%)

Other Features

  • Jawaharlal Rozgar Yojana Employment Generated Program
  • Speed post services started in 1986 August 1
  • It was the beginning of liberalization of Indian Economy

Annual Plan

Due to economic crisis and political instability their was five year plan  from 1990-92. Annual plan was formulated.

Eighth Five Year Plan – 1992-1997

Objectives

  • Human Resource Development
  • To increase average industrial growth rate to 7.5%
  • Also called as Rao Manmohan Singh Model
  • First indicative plan

Achievements : Growth rate of 6.8 % per annum (Target : 5.6%)

Other Features

  • Pradhan Manthri Rozgar Yojana started in 1993
  • India became the member  of World Trade Organisation
  • It was the beginning of privatization, liberalisation and globalisation
  • Improvement in trade and current account deficit
  • Agriculture and industrial growth increased

Ninth Five Year Plan – 1997-2002

Objectives

  • Equitable distribution and Growth with stability
  • Empowerment of women and backward communities

Achievements : Growth rate of 5.4 % per annum (Target : 6.5%)

Other Features

  • PCI increased three times than the previous
  • Launched in the 50th year of India independent
  • Agriculture grew by 2.1% against target 4.2%
 

Tenth Five Year Plan – 2002-2007

Objectives

  • Growth with human development
  • Rapid sustainable growth in agriculture
  • Literacy to increase from 65 to 75

Achievements : Growth rate of 7.7 % per annum (Target : 8.1%)

Other Features

  • 39 Lakh employment opportunities
  • Infant mortality down to 76 per 1000
  • Children enrolled in school chalo abhyan
  • Kanya Vidhya Dhan Yojana started for girls passed 12 Rs. 2000
  • Birth rate down to 31.3 per 1000 and death rate by 9.5 per 1000
 

Eleventh Five Year Plan – 2007-2012

Objectives

  • Towards faster and inclusive growth
  • Improving quality of citizen
  • National goals on socio-economic development
  • Generation of 58 million employment opportunities

Achievements : Growth rate of 8 % per annum (Target : 9%)

Other Features

  • Reduce poverty level from 38% to 25%
  • The industrial growth rate showed at 7.9%

Twelth Five Year plan 2012-2017

Objectives

  • Infrastructure, Health, education
  • The government declared to achieve a growth rate of 8.2%
  • To achieve this 4% agriculture growth and 10% industrial growth required
  • Faster, Sustainable and more inclusive growth

Achievements : Plan is running currently

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