Question

After India gained independence in 1947 it basically had to rebuild its economy from scratch. Write a short note on Five Year Plans. Which five year plan is being implemented at present?

Answer 1

Five Year Plans

Explanation:

The government of India introduced Five-Year Plans for the development of the country after Independence from the British rule. Five-year plan consisted of the government's plan and stimulus to achieve targeted improvements in agriculture and/or industrial production. The first five-year plan was designed to support agriculture production and improve industrialization of the country. The second five-year plan focused on heavy industries.

Answer 2

Short note on Five Year Plans

Explanation:

• The Indian economy was built on the planning model between 1947 and 2017. This was achieved by the 5-year plan, which the Planning Commission and NITI Aayog developed, carried out and monitored. The Commission has a nominated vice president who holds the position of cabinet minister, the Prime Minister being the ex-officio Chairman.
• Centralized and integrated domestic economic programs are the five-year plans (FYPs). One of the most important was the 1st 5-year plan, as it played an significant part in the launch of India 's growth after independence. It therefore strongly supported farm production and started the country's industrialization. It created a certain system of mixed economies with a major role for the public sector and a growing private sector.

1. First Plan - Focused in development of the primary sector.
2. Second Plan - Focused on the PSU development and "rapid Industrialisation
3. Third Plan - stressed on agriculture and enhancement in the production of wheat.
4. Fourth Plan - 14 banks were nationalised  and the Green Revolution advanced agriculture
5. Fifth Plan -  stress on employment, alleviation of poverty alleviation, justice, self-reliance in agricultural production, & defence, roads widened to permit increase in traffic, tourism expanded, introduction of minimum needs to enhance living standards of people.
6. Sixth Plan - Beginning of economic liberalization, NABARD was established for development of rural areas, introduced family planning to control population
7. Seventh Plan - Improving the industries' productivity level by upgrading of technology,  generating employment & production of food grains.
8. Eight Plan - period of economic instability in India and therefore no Five-Year Plan was implemented, only Annual Plans
9. Ninth Plan -   Utilising the unexplored and latent economic potential of the nation to promote economic and social growth
10. Tenth Plan- Reduction of poverty, Providing gainful and high-quality employment, & reduction in gender gaps in wage rates  & literacy
11. Eleventh Plan- Increase the enrolment in higher education, focused on distant education,  convergence of  non-formal, formal, distant, & IT education institutes, environmental sustainability, poverty reduction,  increase the growth rate in agriculture/industry/services, provision of clean drinking water for all
12. The last five year plan was The 12th 5-Year Plan of the GOI that decided to attain a growth rate of 8.2 percent. The objectives of the Twelfth Five-Year Plan were to create 50 million new work opportunities in the non-farming sector, to ensure that 50 per cent of the rural population have  proper drinking water accessibility, to improvise access to higher education, to remove social gap and gender in school enrollment, provision of electricity to all villages, to increase the green cover by 1 million hectare each year, and to provide banking services accessibility to 90 per cent of households.

• However the  Planning Commission has been dissolved, and  no more formal plans are being made for the economy, that is there would not be any thirteenth Five-Year Plan. Nevertheless, 5-Year Defence Plans are being made made,the latest being 2017–2022.