Five Year Plans of India:
Since 1947-2017 Indian Economy was premised the concept of planning this was carried out as a ‘Five Year Plan’. This Five year plan was developed and executed by the ‘Planning Commission’ and the NITI Aayog. Twelfth Plan is currently underway and this plan is a Last Five Year Plan which is decided by NITI Aayog. Indian Government takes the concept of five year plans from the Russia.
First Five Year Plan:
Duration: 1951 to 1956
Focused on: Agricultural development of the country
Growth rate: 3.6% (more than its target)
Second Five Year Plan:
Duration: 1956 to 1961
Focused on: Industrial development of the country
Growth rate: 4.1%
Third Five Year Plan:
Duration: 1961 to 1966.
Focused on: Economy independent and to reach the self-active position of take-off.
Growth rate: Due to China war, could not achieve its target
Duration: 1966 to 1969
Reason for plan holiday: Indo-Pakistan war & failure of the third plan.
Fourth Five Year Plan:
Duration: 1969 to 1974
Focused on: Stability and achievement of self-reliance
Growth rate: 3.3% (less than its target of 5.7)
Fifth Five Year Plan:
Duration: 1974 to 1979
Focused on: Agriculture, Industry, and mines
Growth rate: 4.8% (More than its target of 4.4%)
This plan was terminated in 1978.
This plan was started with an annual plan for 1978-79 and as a continuation of the terminated fifth year plan.
Sixth Five Year Plan:
Duration: 1980 to 1985
Focused on: Poverty eradication and technological self-reliance
Growth rate: 5.7%. (More than its target of 5.2%)
Seventh Five Year Plan:
Duration: 1985 to 1990
Focused on: self-sufficient economy and opportunities for productive employment
Growth rate: 6.0% (More than its target of 5.0%)
Annual Plans of 8th five year Plan could not conduct due to the volatile political situation. So, 2 annual programmes are conducted in 1990-1991 and 1991-1992.
Eighth Five Year Plan:
Duration: 1992 to 1997
Focused on: Employment, Education, and Public health
Growth rate: 6.8% (More than its target of 5.6%)
Ninth Five Year Plan:
Duration: 1997 to 2002
Focused on: Justice and Equity
Growth rate: 5.6% (less than its target of 7%)
Tenth Five Year Plan:
Duration: 2002 to 2007
Focused on: Double the per capital income
Aim to: Reduce the poverty ratio 15% by 2012
Growth rate: 7.2% (less than its target of 8.0%)
Eleventh Five Year Plan:
Duration: 2007 to 2012
Main theme: Faster and more inclusive growth
Growth rate: 7.9% (less than its target of 8.1%)
Twelfth Five Year Plan (Current Five-year plan of India):
Duration: 2012 to 2017
Main theme: Faster, More Inclusive and Sustainable growth
Growth rate: 8%