The particular assignment of business economics is focused on Five Year Plans. The assignment provides a detailed and comparative analysis about 10th, 11th and 12th five year plans in relation to various parameters and economic areas. It also provides a detailed assessment of the economy as a whole as well as contribution of individual sectors in comparison with plan targets. What basically is Five Year Plan?
First Five Year Plan was implemented in Soviet Union in 1920 by Joseph Stalin. Since 1947, Indian Economy is being run with the help of Five Year Plans which has been made, developed, implemented, executed and monitored by Planning Commission. Ahluwalia was the last deputy chairman of the commission who resigned on 26 May 2014. In 2012 Year 11th Plan completed its term and now at present 12th plan is underway. Five Year Plans are highly structured, organized, formalized, centralized and integrated economic programs. It was the 1st five year plan which carried out Indian development after independence. Five Year Plans focused on building a particular system of mixed economy providing a great role for public sector as well as support roles for the growth of private sector. Comparative Analysis
Here we will make an attempt to analyze the 10th, 11th and 12th five year plans under various categorical divisions. Objectives:-
Here we will go through objectives laid down over the three five year plans. Different objectives had to be made because of changing economic conditions and circumstances. 10th Five Year Plan (2002-2007):
Following were the objectives in concern with the 10th five year plan. To achieve a growth of 8% In GDP per year.
Reduction in poverty rate by 5% by the year 2007.
Providing quality employment and to assist in gainful addition to the labor force. To introduce 20 Point Program.
An objective of reduction in wages rate and gender gap in literacy rate by 50% by the year 2007. To achieve a target growth rate of 8.1% for the economy as a whole. 11th Five Year Plan (2007-2012):
Following were the objectives in concern with the 11th five year plan. Attention on social sector and delivering services therein.
To provide empowerment through education and skill development. Focus was on reducing gender inequality.
Sustainability of environment was key objective.
To achieve a growth rate of 4%, 10% and 9% in agriculture, industries and services respectively. To avail clean drinking water for one and all by the year 2009. Also objective of reduction of total fertility rate to 2.1.
12th Five Year Plan (2012-2017):
Following are the objectives in concern with the 12th five year plan. To achieve and sustain a GDP growth rate of 9% which has been reduced to 8.2% due to aspect of feasibility. Induction of parallel economic development.
Enhancement and development of rural economy through sustained agricultural growth. To achieve a faster sustainable and more inclusive growth.
Achieve a growth rate of 4% in agricultural sector.
At present the poverty is around 30% of the population and the commission plans to bring down the poverty ratio by 10%. To raise the outlays for health (drinking water and sanitation) and educational sector. To reduce gender disparities and to empower women in all sectors and achieve a balanced regional development. 2. Outlays for key Economic Sectors:-
3. Policy Initiatives:-
Under this category we will see how different policy initiatives were taken over the 3 year plans. 10th Five Year Plan (2002-2007):
A widespread economic policy measures have been taken under 10th Five year Plan. On one hand laws and procedures for investment has been simplified and on the other inter-state trade barriers have been eliminated facilitating easy trade between the...
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