Five Year Plans of India

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Submitted By nicks
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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: 2.84% At its conception, it was felt that Indian economy has entered a take-off stage. Therefore, its aim was to make India a 'self-reliant' and 'self-generating' economy.
Based on the experience of first two plans, agriculture was given top priority to support the exports and industry.
Complete failure in reaching the targets due to unforeseen events - Chinese aggression (1962), Indo-Pak war (1965), severe drought 1965-66
Three Annual Plans (1966-69) Plan holiday for 3years. Prevailing crisis in agriculture and serious food shortage necessitated the emphasis on agriculture during the Annual Plans
During these plans a whole new agricultural strategy was implemented. It involving wide-spread distribution of high-yielding varieties of seeds, extensive use of fertilizers, exploitation of irrigation potential and soil conservation.
During the Annual Plans, the economy absorbed the shocks generated during the Third Plan
It paved the path for the planned growth ahead.
Fourth Plan
(1969 - 74)
Target Growth: 5.7% Actual Growth: 3.30% Main emphasis was on growth rate of agriculture to enable other sectors to move forward
First two…...

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