24 cardsGeneral Knowledge (India)
Five-Year Plans and Economic Planning in India
History of centralized economic planning, Five-Year Plans (1951-2017), Planning Commission, and NITI Aayog in India.
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Establishment of the Planning Commission
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1
Establishment of the Planning Commission
Set up on March 15, 1950 by an executive resolution of the Government of India as an extra-constitutional, non-statutory advisory body chaired by the Prime Minister.
2
National Development Council (NDC)
Constitutional apex body constituted on August 6, 1952 to deliberate and approve national Five-Year Plans, comprising the Prime Minister, Union Cabinet Ministers, and Chief Ministers.
3
First Five-Year Plan (1951-1956)
Based on the Harrod-Domar growth model; prioritized agricultural rehabilitation, price stability, and massive multi-purpose irrigation projects (Bhakra Nangal, Hirakud, DVC).
4
Second Five-Year Plan (1956-1961)
Formulated on the Nehru-Mahalanobis strategy, emphasizing rapid industrialization with a concentrated focus on basic heavy industries and capital goods manufacturing.
5
Major Public Steel Plants of the Second Plan
Three integrated steel plants established with foreign collaboration: Bhilai (Soviet Union), Rourkela (West Germany), and Durgapur (United Kingdom).
6
Third Five-Year Plan (1961-1966)
Popularly termed Gadgil Yojana, aimed at achieving self-reliant and self-generating growth, but derailed by the 1962 Sino-Indian War, 1965 Indo-Pak War, and severe droughts.
7
Plan Holidays (1966-1969)
A three-year interregnum where three consecutive Annual Plans were implemented due to fiscal strain, currency devaluation (1966), and the launch of the Green Revolution.
8
Fourth Five-Year Plan (1969-1974)
Adopted the objective of 'Growth with Stability and Progressive Self-reliance', coinciding with the nationalization of 14 major commercial banks (1969) and the 1971 Bangladesh War.
9
Fifth Five-Year Plan (1974-1978)
Drafted under D.D. Dhar with the primary twin objectives of 'Garibi Hatao' (Poverty Removal) and self-reliance; terminated one year early in 1978 by the Janata Party.
10
The Rolling Plan (1978-1980)
An economic planning concept introduced by the Janata Party government under Morarji Desai, based on continuous annual revisions without fixed five-year targets.
11
Sixth Five-Year Plan (1980-1985)
Marked the beginning of economic liberalization; established NABARD (1982) and EXIM Bank (1982) while targeting poverty reduction through rural employment schemes (IRDP, NREP).
12
Seventh Five-Year Plan (1985-1990)
Chaired by Rajiv Gandhi, emphasized 'Food, Work, and Productivity', accelerating food grain production, job generation, and domestic technology improvements.
13
Annual Plans of 1990-1992
The Eighth Plan could not start on time due to fast-changing political coalitions and India's acute Balance of Payments balance crisis, prompting two standalone Annual Plans.
14
Eighth Five-Year Plan (1992-1997)
Based on the John W. Miller model and Rao-Manmohan economic blueprint, prioritizing human resource development, employment generation, and post-1991 structural reforms.
15
LPG Economic Reforms (1991)
Sweeping structural policy shifts under P.V. Narasimha Rao and Finance Minister Manmohan Singh towards Liberalisation, Privatisation, and Globalisation, dismantling the License Raj.
16
Ninth Five-Year Plan (1997-2002)
Implemented during the 50th year of Indian Independence, focusing centrally on 'Growth with Social Justice and Equity'.
17
Tenth Five-Year Plan (2002-2007)
Targeted an unprecedented 8% annual GDP growth rate and set explicit monitorable targets for reduction of poverty, infant mortality, and gender wage gaps.
18
Eleventh Five-Year Plan (2007-2012)
Drafted under the theme 'Towards Faster and More Inclusive Growth', supervised by Dr. Manmohan Singh and C. Rangarajan.
19
Twelfth Five-Year Plan (2012-2017)
India's final Five-Year Plan, oriented around the core objective of 'Faster, Sustainable, and More Inclusive Growth', targeting an 8% real GDP growth trajectory.
20
Replacement of Planning Commission by NITI Aayog
On January 1, 2015, the Union Cabinet abolished the 65-year-old Planning Commission and constituted the National Institution for Transforming India (NITI Aayog).
21
Structure of NITI Aayog
Headed by the Prime Minister as Chairperson, with a Vice-Chairperson, Chief Executive Officer (CEO), full-time members, and a Governing Council including all State Chief Ministers.
22
NITI Aayog's Planning Framework
Replaced top-down 5-year plans with a strategic architecture: a 15-Year Vision Document, a 7-Year National Strategy, and a 3-Year Action Agenda.
23
Visvesvaraya's Planned Economy for India
The 1934 pioneering book by Sir M. Visvesvaraya that proposed a 10-year economic plan to double national income, laying early groundwork for Indian planning.
24
National Planning Committee (1938)
Formed by Congress President Subhash Chandra Bose and chaired by Jawaharlal Nehru to articulate an industrialization policy for post-independence India.
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