Essay on Five Year Plans of India

1081 Words Sep 13th, 2012 5 Pages
Summary: Five Year Plans in India
Plan Notes
First Plan
(1951 - 56) It was based on Harrod-Domar Model.
Community Development Program launched in 1952
Focus on agriculture, price stability, power and transport
It was a successful plan primarily because of good harvests in the last two years of the plan
Second Plan
(1956 - 61)
Target Growth: 4.5% Actual Growth: 4.27% Also called Mahalanobis Plan named after the well known economist
Focus - rapid industrialization
Advocated huge imports through foreign loans.
Shifted basic emphasis from agriculture to industry far too soon.
During this plan, prices increased by 30%, against a decline of 13% during the First Plan
Third Plan
(1961 - 66)
|Target Growth: 5.6% Actual Growth:
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Dhar.
It proposed to achieve two main objectives: 'removal of poverty' (Garibi Hatao) and 'attainment of self reliance'
Promotion of high rate of growth, better distribution of income and significant growth in the domestic rate of savings were seen as key instruments
The plan was terminated in 1978 (instead of 1979) when Janta Party Govt. rose to power.
Rolling Plan
(1978 - 80) There were 2 Sixth Plans. Janta Govt. put forward a plan for 1978-1983. However, the government lasted for only 2 years. Congress Govt. returned to power in 1980 and launched a different plan.
Sixth Plan
(1980 - 85)
Target Growth: 5.2% Actual Growth: 5.66% Focus - Increase in national income, modernization of technology, ensuring continuous decrease in poverty and unemployment, population control through family planning, etc.
Seventh Plan
(1985 - 90)
Target Growth: 5.0% Actual Growth: 6.01% Focus - rapid growth in food-grains production, increased employment opportunities and productivity within the framework of basic tenants of planning.
The plan was very successful, the economy recorded 6% growth rate against the targeted 5%.
Eighth Plan
(1992 - 97) The eighth plan was postponed by two years because of political uncertainty at the Centre
Worsening Balance of Payment position and…

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