Five year Plans of India – List of Five Years Plans from (1951 to Till Now)

We have given you with the five-year plans in India goals and achievements which will help you for preparing competitive exams. By reading these Five-year plans in India you will get good knowledge and know more about what are the objectives of each five-year plan in India. From 1947 to 2017, the Indian economy was committed to the concept of planning. This planning was carried through the budget and five-year plans developed, executed, and monitored by the Planning Commission (1951 – 2014) and the NITI Aayog (2014 – 2017). The Eleventh Plan completes its term in March 2012 and the Twelfth Plan is currently underway.

Free Quiz –  List of Five Years Plans in India

Five Year Plans in India – Important Five-year plans

• From 1947 to 2017 India five year Plans i.e, the Indian economy was premised on the concept of planning.
• The development of plans is drawn by the planning commission to establish India Economic on a Socialistic Pattern in Successive Phase of 5 Years periods.
• Joseph Stalin implemented the first Five Year Plan in the Soviet Union in late 1920.
• The new government led by Narendra Modi, who is in charge from 2014, made an announcement about the dissolution of the Planning Commission, and its replacement by a think tank called the NITI Aayog (an acronym for National Institution for Transforming India).
• India launches its First Indian five year plans in 1951, immediately after independence under the socialist influence of first Prime Minister Jawaharlal Nehru.

The Five-year plans were made by

• Planning commission of India
• National Planning Council
• National Development and State Planning Commissions.

First five-year plan (1951 – 1956)

• The First Five Year Plans was one of the most important because it had a great role in the launching of Indian development after Independence.
• The first Indian Prime Minister, Jawaharlal Nehru presented the First Five-Year Plan to the Parliament of India.
• The First Five-Year Plan was on the Harrod–Domar model with few modifications.
• The total plan budget of Rs.2069 crore (2378 crore later) was allocated to seven broad mainly concentrated on Agriculture and Transport and Communications.
• At the end of the plan period in 1956, five Indian Institutes of Technology (IITs) took a start as major technical institutions.
• The target growth rate was 2.1%.
• The achieved growth rate was 3.6%.

Second Five-year Plan (1956 – 1961)

• The Second Plan was particularly in the development of the public sector and rapid Industrialization.
• The plan is made on the Mahalanobis model, an economic development model.
• Indian statistician Prasanta Chandra Mahalanobis in 1953 made development to the plan.
• The total amount under the Second Five-Year Plan in India was Rs.48 billion.
• The target growth rate was 4.5%.
• The actual growth rate was 4.27%.

Third Five Year Plan (1961 – 1966)

• The Third Five-year Plans, the main focus was on agriculture and improvement in the production of wheat.
• Many cement and fertilizer plants built. Punjab began producing an abundance of wheat.
•  Panchayat elections were started and the states were given more development responsibilities.
• Due to the miserable failure of the Third Plan, the government forcibly declared “plan holidays” (from 1966–67, 1967–68, and 1968–69).
• The main reasons for plan holidays were the war, lack of resources, and an increase in inflation after that planned holiday.
• The target growth rate was 5.6%.
• The actual growth rate was 2.4%.

Fourth Five Year Plan (1969 – 1974)

• During the fourth five year plan Indira Gandhi was the there.
• The Indira Gandhi government nationalized 14 major Indian banks and the Green Revolution in India advanced agriculture.
• India tests the Smiling Buddha underground nuclear test (Pokhran-1) in Rajasthan.
• A Slogan of Garibi Hatao is given during the 1971 elections by Indira Gandhi.
• The target growth rate was 5.6%.
• The actual growth rate was 3.3%.

Fifth Five Year Plan (1974 – 1979)

• The Fifth Five-Year Plan laid stress on employment, poverty alleviation (Garibi Hatao), and justice.
• The plan focus was on self-reliance in agricultural production and defence.
• The Electricity Supply Act came into force from 1975.
•  In 1978 Morarji Desai government rejects the plan.
• The target growth rate was 4.4%.
• The actual growth rate was 4.8%.