Five Year Plan of India

Topics: Economics, Economic growth, Five-year plans of India Pages: 6 (1733 words) Published: June 24, 2013
India's Five Year Plans: All at a Glance
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This topic will help to get a glimpse of all five year plans till now and recommended for students/ aspirants of SBI Clerical   Exams going to be held shortly. For more details please visit Planning Commission of India's website here

Planning Commission (Estb. 1950)
In March 1950, Government of India constituted a statutory body with the Prime Minister of India as its Chairman-called the Planning Commission. Pt. Jawaharlal Nehru was the first Chairman of the Planning Commission. National Planning Council (Estb. 1965)

It is an advisory body attached to the Planning Commission and was established in 1965. It includes experts representing a cross-section of the Indian economy. National Development Council (Estb. 1951)

Chief Ministers of the states, together with the members of the Planning Commission, constitute the National Development Council. The Prime Minister of India presides over the Council. Five Year Plans

The development plans are drawn by the Planning Commission to establish India's economy on a socialistic pattern in successive phases of five year Periods-called the Five Year Plans. The organisation was set up to formulate basic economic policies, draft plans and watch its progress and implementation. It consists of: (I) Planning Commission of India

(ii) National Planning Council
(iii) National Development Council and State Planning Commissions DETAILS OF THE FIVE YEAR PLANS
In July 1951, the Planning Commission issued the draft outline of the First Five Year Plan for the period April 1951 to March 1956. It was presented to the Parliament in December 1952. In the First Plan, agriculture received the main thrust, for sustaining of growth and development of industries which would not be possible without a significant rise in the yield of raw materials and food. Objectives:

i) To increase food production.
ii) To fully utilise available raw materials.
iii) To check inflationary pressure.
Outlay: The total proposed outlay was Rs. 3,870 crore.
The main objective was to launch upon industrialisation and strengthen the industrial base of the economy. It was in this light that the 1948 Industrial Policy Resolution was revised and a new resolution of 1956 was adopted. The Second Plan started with an emphasis on the expansion of the public sector and aimed at the establishment of a socialistic pattern of society. Objectives:

i) A sizeable increase in national income so as to raise the level of living. ii) Rapid industrialisation of the country with particular emphasis on the development of basic and key industries. Outlay: The Second Plan proposed a total public sector outlay of Rs. 4,800 crores though actual outlay was only Rs. 4,672 crore.

In the third Plan, the emphasis was on long-term development. The Third Plan report stated that during the five-year period concerned, the Indian economy "must not only expand rapidly but, at the same time, become self-reliant and self-generating." Objectives:

i) An increase in national income of more than 5 per cent annually. The investment pattern laid down must be capable of sustaining this growth rate in the subsequent years. ii) An increase in the agricultural produce and to achieve self sufficiency by increasing food grain production. iii) Greater equality of opportunities, more even distribution of economic power and reducing wealth and income disparities. FOURTH FIVE YEAR PLAN (1969-74)

After the ‘Plan Holiday', the Fourth Plan was begun in 1969. Objectives:
i) To achieve stability and progress towards self-reliance.
ii) To achieve an overall rate of growth of 5.7 per cent annually. iii) To raise exports at the rate of 7 per cent annually.
Outlay: The total proposed outlay was Rs. 24,880 crore, which included Rs. 15,900 crores as public sector outlay and Rs. 8,980...
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