List Of Five Year Plans In India, History & Objectives

India has had a series of Five-Year Plans since its independence in 1947, aimed at achieving economic growth and development. The planning commission of India was established in 1950 to formulate these plans. However, the planning commission was replaced by the NITI Aayog in 2015.

Here are the details of the different Five-Year Plans of India:

The First Five-

Year Plan of India was implemented between 1951 and 1956, soon after India gained independence from British colonial rule. It was the first attempt by the newly formed Indian government to chart a course for the economic development of the country. The plan was formulated under the guidance of India's first Prime Minister, Jawaharlal Nehru, and his economic advisor, P.C. Mahalanobis.

The primary objective of the First Five-Year Plan was to address the issue of poverty and improve the standard of living of the people in India. The plan aimed to achieve this by increasing agricultural production, promoting industrialization, and developing infrastructure such as roads, railways, and irrigation systems.

The plan was based on the Mahalanobis model, which emphasized investment in capital-intensive industries such as steel, machinery, and chemicals. The plan allocated a significant amount of resources towards developing these industries, with the aim of achieving self-sufficiency in the production of goods.

In addition to industrialization, the plan also focused on increasing agricultural production. The government invested heavily in irrigation systems, improved seeds, and fertilizers to boost agricultural output. The plan also included measures to increase employment opportunities in rural areas.

The First Five-Year Plan was successful in achieving its targets in many areas. Agricultural production increased significantly, and the country became self-sufficient in food production. The plan also laid the foundation for the growth of the industrial sector in India.

However, the plan faced several challenges such as inadequate infrastructure, shortage of skilled manpower, and poor implementation of policies. Despite these challenges, the First Five-Year Plan laid the groundwork for subsequent plans and played a crucial role in the economic development of India.

The Second Five-

Year Plan of India was implemented between 1956 and 1961. The plan aimed to build on the achievements of the First Five-Year Plan and focus on accelerating the pace of industrialization in the country.The primary objective of the Second Five-Year Plan was to increase the rate of economic growth and raise the standard of living of the people. The plan aimed to achieve this by promoting the growth of heavy industries such as steel, chemicals, and machinery. The plan also emphasized the development of infrastructure such as power, transportation, and communication networks.

The Second Five-Year Plan was based on the Mahalanobis model, which emphasized investment in capital-intensive industries. The plan allocated a significant amount of resources towards the establishment of public sector industries, with the aim of reducing dependence on imports and achieving self-sufficiency in the production of goods.

In addition to industrialization, the plan also focused on improving the agricultural sector. The government invested in irrigation systems, improved seeds, and fertilizers to boost agricultural production. The plan also included measures to improve the standard of living of the rural population by providing them with better healthcare, education, and housing facilities.

The Second Five-Year Plan faced several challenges, including a shortage of foreign exchange, inadequate infrastructure, and a lack of skilled manpower. Despite these challenges, the plan was largely successful in achieving its objectives. The industrial sector witnessed significant growth, and the country made progress in achieving self-sufficiency in the production of goods. The agricultural sector also registered a significant increase in output.

Overall, the Second Five-Year Plan played a crucial role in the economic development of India, laying the foundation for the growth of the industrial sector and improving the standard of living of the people.

The Third Five-

Year Plan of India was implemented between 1961 and 1966. The plan aimed to continue the economic growth achieved in the previous two plans and focus on achieving self-sufficiency in food production, improving the standard of living of the people, and reducing poverty.

The primary objective of the Third Five-Year Plan was to accelerate the pace of economic growth and promote social welfare. The plan aimed to achieve this by promoting the growth of agriculture and industry, improving infrastructure, and expanding social services.

The plan emphasized the importance of developing the agricultural sector, with the aim of achieving self-sufficiency in food production. The government invested in irrigation systems, improved seeds, and fertilizers to increase agricultural output. The plan also included measures to improve the standard of living of the rural population by providing them with better healthcare, education, and housing facilities.

In addition to agriculture, the plan focused on the growth of industries such as steel, machine tools, and chemicals. The government encouraged private investment in industries, and the plan included measures to promote exports and reduce imports.

The Third Five-Year Plan faced several challenges, including a shortage of foreign exchange, inadequate infrastructure, and a lack of skilled manpower. Despite these challenges, the plan was largely successful in achieving its objectives. The industrial sector witnessed significant growth, and the country made progress in achieving self-sufficiency in the production of goods. The agricultural sector also registered a significant increase in output.

Overall, the Third Five-Year Plan played a crucial role in the economic development of India, laying the foundation for the growth of the agricultural and industrial sectors and improving the standard of living of the people.

The Fourth Five-

Year Plan of India was implemented between 1969 and 1974. The plan aimed to continue the economic growth achieved in the previous three plans and focus on achieving social justice, reducing poverty, and improving the standard of living of the people.

The primary objective of the Fourth Five-Year Plan was to achieve a self-sustaining economy with a focus on equitable distribution of wealth and resources. The plan aimed to achieve this by promoting the growth of agriculture and industry, improving infrastructure, and expanding social services.

The plan emphasized the importance of developing the agricultural sector and aimed to achieve self-sufficiency in food production. The government invested in irrigation systems, improved seeds, and fertilizers to increase agricultural output. The plan also included measures to improve the standard of living of the rural population by providing them with better healthcare, education, and housing facilities.

The Fourth Five-Year Plan faced several challenges, including a shortage of foreign exchange, inadequate infrastructure, and a lack of skilled manpower. The plan was also affected by droughts and other natural disasters, which impacted agricultural production.

Despite these challenges, the plan was largely successful in achieving its objectives. The industrial sector witnessed significant growth, and the country made progress in achieving self-sufficiency in the production of goods. The agricultural sector also registered a significant increase in output, and the plan helped reduce poverty and improve the standard of living of the people.

Overall, the Fourth Five-Year Plan played a crucial role in the economic development of India, laying the foundation for the growth of the agricultural and industrial sectors and promoting social justice and equity.

The Fifth Five-

Year Plan of India was implemented between 1974 and 1979. The plan aimed to continue the economic growth achieved in the previous four plans and focus on achieving social justice, reducing poverty, and promoting rural development.

The primary objective of the Fifth Five-Year Plan was to achieve a self-sustaining economy with a focus on equitable distribution of wealth and resources. The plan aimed to achieve this by promoting the growth of agriculture and industry, improving infrastructure, and expanding social services.

The Fifth Five-Year Plan faced several challenges, including a shortage of foreign exchange, inadequate infrastructure, and a lack of skilled manpower. The plan was also affected by high inflation and rising oil prices, which impacted the economy.

Overall, the Fifth Five-Year Plan played a crucial role in the economic development of India, laying the foundation for the growth of the agricultural and industrial sectors and promoting social justice and equity.