Economic planning is the process in which the limited natural resources are used skillfully so that maximum output can be gained with the use of minimum inputs.
The concept of economic planning in India is derived from the Russia (then USSR). Since 1951 to 2017 India has launched 12 five year plans. Present NDA government has decided to stop formation of new five year plan.
15 Important facts about all the five plans are as follows:
1. Duration of First Five Year Plan of India was from 1951 - 1956. This plan was based on the Harrod-Domar model.
2. The Second Five Year Plan (1956 - 61) of India was based on the "P.C. Mahalanobis Model" and its main focus was on the industrial development of the country.
3. The Third Five Year Plan (1961 - 1966) of India is also known as the "Gadgil Yojna".
4. The duration from 1966 to 1969 is known as the plan holiday because no five year plan could be made due to Indo-Pakistan war & failure of third plan.
5. During the Fourth Five Year Plan (1969 - 1974) the slogan of “Garibi Hatao” was given by late P.M. Indira Gandhi during the 1971 elections.
6. The draft of the Fifth Five Year Plan (1974 - 1979) was prepared and launched by the Mr. D.P. Dhar.
7. The Janta Party Government terminated the fifth five year plan in 1977-78 and launched its own sixth five year plan for period 1978-83 which is known as the Rolling Plan.
8. The duration of Sixth Five Year Plan was from 1980 to 1985.Its main objective was poverty eradication and technological self reliance.
9. In the Seventh Five Year Plan (1985 - 1990); private sector got the priority over public sector for the first time in the history of economic planning in India.
10. Eighth Five year Plan could not take place due to volatile political situation at the centre. Hence two annual programmes were formed in 1990-91 & 1991-92.
11. During the Eighth Five Year Plan (1992 - 1997); the New Economic Policy-1991 of India was launched under the supervision of union Finance Minister Dr. Manmohan Singh and Prime Minister Narasimha Rao.
12. Ninth Five Year Plan (1997 - 2002) was launched in the 50th year of independence of India.
13. Tenth Five Year Plan (2002 - 2007) targeted to double the Per Capita Income of India in the next 10 years.
14. Eleventh Five Year Plan (2007 - 2012); was prepared by the C. Rangarajan. The main theme of this plan was “faster and more inclusive growth”.
15. The theme of Twelfth and the last Five Year Plan (2012 - 2017) of India was “Faster, more inclusive and sustainable growth”.
The facts mentioned above are very crucial for various competitive exams held in India. Hence aspirants need to pay full attention while going through these facts.