explain modernisation as a goal of five year plans in economics in 4 marks
Answers
The goals of Five Year plans are growth, modernisation, self-reliance and equity. Growth: It refers to an increase in the countries' capacity to produce the output of goods and services within the economy. The right indication for growth of an economy is steady increase in the Gross Domestic Product (GDP).
An economic plan allocates the resources of a nation to fulfil the general and specific goals as planned by the government for a specified period. In India, these plans are made for five years and hence are known as five year plans. ... In India, after the independence, the government set up a Planning Commision in 1950.
The main focus of the first five-year plan was the agricultural development of the country. Agriculture is still the backbone of the Indian economy in terms of employment generation.