How has India progressed under the various Five Year Plans?
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Answer:
The Planning Commission set up in 1950 has been formulating Five Year Plans for India’s development taking an overall view of the needs and resources of the country. The First Plan was launched in April 1951 and the Third Plan ended in March 1966. After this, there were three one year plans from April, 1966 to March 1969.
The Fourth Plan started in April 1969 and the Eighth Plan started in April 1992. The First Five Year Plan (1951-56) was designed to rectify the imbalances created by the Second World War and the partition of the country in 1947 and the maladies persisting in the economy as a legacy of the British rule. Though the plan aimed at achieving an all-round balanced development, it accorded top priority to agriculture and irrigation investing 4 4.6 per cent of the total plan budget on this sector.
This was to reduce the country’s dependence on agricultural imports and save foreign exchange. The industrial sector was not assigned much importance in this plan and less than 5 per cent of the plan outlay was spent on industries. However, the plan did give some importance to the development of power, rural development (community projects) and development of social welfare programmes. Of the total budget of the plan (Rs. 2,378 crore), only two-thirds (65.6%) was actually spent at the end of the plan, the country’s national income increased by 18 per cent and per capita income by 11 per cent.
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The five years plan :-
The Planning Commission set up in 1950 has been formulating Five Year Plans for India’s development taking an overall view of the needs and resources of the country. The First Plan was launched in April 1951 and the Third Plan ended in March 1966. After this, there were three one year plans from April, 1966 to March 1969.
The Fourth Plan started in April 1969 and the Eighth Plan started in April 1992. The First Five Year Plan (1951-56) was designed to rectify the imbalances created by the Second World War and the partition of the country in 1947 and the maladies persisting in the economy as a legacy of the British rule. Though the plan aimed at achieving an all-round balanced development, it accorded top priority to agriculture and irrigation investing 4 4.6 per cent of the total plan budget on this sector.
This was to reduce the country’s dependence on agricultural imports and save foreign exchange. The industrial sector was not assigned much importance in this plan and less than 5 per cent of the plan outlay was spent on industries. However, the plan did give some importance to the development of power, rural development (community projects) and development of social welfare programmes. Of the total budget of the plan (Rs. 2,378 crore), only two-thirds (65.6%) was actually spent at the end of the plan, the country’s national income increased by 18 per cent and per capita income by 11 per cent.
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The Second Five Year Plan (1956-61) aimed at achieving rapid industrialization of the economy and bringing about greater equality in income and wealth for the establishment of a socialistic pattern of society in India. It stressed that the benefits of development should accrue more to the relatively underprivileged sections of society and that there should be a progressive reduction in the concentration of income.
It focused on the growth of basic and heavy industries, expansion in employment opportunities and increase of 25 per cent in the national income. The total amount spent during this plan (Rs. 4,672 crore) was double the amount spent in the First Plan. However, the performance of the plan did not justify the hopes that had been placed on it. Achievements in almost all the sectors of the economy were lower than the plan targets. Consequently, as against a near 13 per cent fall in price index during the First Plan, the Second Plan witnessed a 12.5 per cent rise in price level.
The Third Five Year Plan (1961-66) aimed at securing a marked advance towards self-sustaining growth. It listed a set of five objectives, namely, increase in annual national income by 5 per cent, self-sufficiency in agriculture, growth of basic industries (like steel, power, chemicals), maximum use of manpower resources, and decentralization of economic power. Agriculture was once again given top priority and about 35 per cent of the outlay was allocated to this sector.
As compared to this, 23 per cent was accounted to industries and 25 per cent to transport and communications. The plan aimed at increasing the national income by about 30 per cent and the per capita income by about 17 per cent. The total amount spent (Rs. 12,767 crore) during the plan period was 9 per cent more than the allocated amount (Rs. 11,600 crore).