5 Year Plans of India
Financial Planning in Indian Happened after the Independence. the goals are sets for every 5 years and the targets are achieved by properly planning all the available resources.
Financial Planning i.e allocating all the resources of the country to met the plans and objectives.planning commission is set up in the year 15 March 1950 to plan, with the then prime minister Jawaharlal Nehru
Every year the theme or the objective is set and plans according to achieve the desired objective
Questions have been asked in the Previous year paper of UPSC prelims
Different types of plans are as described below
Types of Planning
Physical Planning
This refers to planning in terms of mobilization of physical resources like iron and steel, cement power etc
Prespective planning
This refers to a plan with a very long time, this runs through 5yera plan, 5 year plan can also be termed as prespective planning
Rolling Plan
Under this rolling plan there is no terminal year of the plan as a year of the plan takes this is automatically extended by another year this approach takes planning as a continuous and flexible planning
Indicative planning
Under this government changes incentive structure for the resource allocation based on the success and assessment of the previous resources used
5 year Plans of India
| Five Year Plan | Objective (Theme) | Important Aspects |
| 1st Five Year Plan (1951 -1956) | Increase Agriculture Productivity | This plan was based on Harrod-Domar Model Main priority areas include agriculture productivity, price stability, power & transport Success and productivity of crops increased |
| 2nd Five Year Plan (1956-1961) | Rapid Industrialization | Mahalanobis Plan who is the Chief architect of 2nd five year plan focused on promotion of heavy and Basic industries under public sector(PSU) and to reduce the pressure on imports |
| 3rd Five Year Plan (1961- 1966) | Heavy and basic Industry and Lately Agriculture | This plan Objectives are not achieved due to the consequences that happened in India
Under PL- 480 Indian received massive amount of Highly Subsidized wheat from USA. This shows how India is effected by drought, to achieve self reliance so the next 5 year plan aimed at self reliance. Due to increase in outflow of India reserves India was declared as bankrupt in 1966
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| Annual Plans (1966 – 1969) | Plan Holidays | The effects of the above plans and the Food insecurity made to adopt a annual plans focused on agriculture. Government aimed to increase production by adopting different methods like increasing irrigation potential, seeds distribution, fertilizers etc. These plans are short term strategies to plan for next five first year plans and to reduce the effects of the previous plans |
| 4th Five Year Plan (1969- 1974) | Self sufficiency in food and Self Reliance | Main Events
1971- India- Pak War 1973 petrol Prices increased in International Markets increased India’s Import Bill Focused area on increase in agriculture’s growth rate This plan emphasized on significant increase in domestic food production capacity and saying no to foreign aid by end of this plan
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| 5th Five Year Plan (1974- 1978) | Poverty Eradication (Garibi Hatao) and Self Reliance | Prepared and launched by D D Dhar. The plan 1st time emphasized on poverty Eradication. Aimed at to increasing growth. This plan terminated in 1978 when Janta party Came to power. Due to serious political instability nothing meaningful could be done by this plan.Rolling Plan (1978 − 80) There were 2 Sixth Plans. First one is by Janta Govt (for 78 − 83) which was in operation for only 2 years.Two 5 year plans adopted by different government which are in power.(1978 – 1980) – Janta Party Government (for 2 years plan worked and ended the congress came to power).1980 – Congress Government(1980 another plan) |
| 6th Five Year Plan (1980-1985) | Poverty Eradication and Productivity | This plan targeted mainly Increase in national income
1980 – attacked on poverty by including poverty elimination programs IRDP (Integrated Rural development Programmes) and Aimed at reviewing Public sector Enterprises by making Massive Investments into them for increased operations and productivity Through out 1980’s Indians imports were increasing at considerable rates than exports As a result India’s foreign exchange Reserves was deflected to dangerous levels falling growth and double digit inflation(Inflation)
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| 7th Five Year Plan (1985 – 1990) | Work and Productivity | The Seventh plan focused on policies and programs which Targeted at rapid growth in food-grains production, reducing unemployment and increasing productivity within the framework of basic tenants of planning. It was a great success, the economy recorded growth rate 6% against the targeted 5%. |
| 8th Five Year Plan | Plan with Human Interface | Eighth Plan (1992 − 97) This plan was postponed by 2 years because of political disturbances at the Center and it was launched after worsening the India’s Balance of Payment position and Higher inflation during 1990 − 91. The plan was modified drastically to combat the bad economic situation. financial planning and allocation of resources pay the way to pick up from the bad economic situation |
| 9th Five Year Plan | Growth with Equality | Ninth Plan (1997 − 2002) This plan was developed in the context of 4 important dimensions targeted
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| 10th Five Year Plan | Sustainable development 7 growth with Inequality | Tenth 5 year Plan (2002 − 2007) aimed achieve the growth rate of GDP at 8%. All the resources were planned with the following objectives Reduction of poverty ratio from 20% by the year 2007 and to 10% by the year 2012. Education to all (Universal Access) to the primary education by the year 2007. Increase in the forest area and tree cover to 25% and 33% by 2007 and 2012 respectively 20-point programs were introduced.Target growth:8.1% Growth achieved:7.7% |
| 11th Five Year Plan | Inclusive and Faster Growth | Eleventh 5 year Plan (2007-2012).Various Flagship programmes were implemented ensuring the Equality and social Justice |
| 12th Five Year Plan | Sustainable, More Inclusive and Faster growth | Twelfth 5 year Plan (2012–2017) 12th Five Year Plan (Government of India) Growth Rate targeted at 8.2%, But NDC Approved 8% growth rate .Planning commission has been replaced by NITI Aayog the Planning from bottom to top approach For the full 5 year document refer Here |
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