Indian economy is a developing economy adopting a mixed economic system where both the public sector and private sector exist side by side. So, in today’s article we are going to know about Five year plans in India goals and achievements. So let’s discuss in details.
Five year plans in India goals and achievements
Public sector is reserve the strategies areas and the private sector which is sought to be control reserved and regulated and the country is trying its level best to attain self reliance through planned economic development of the country as a whole.
A developing country to frame its economic plan to tackling various economic problems like, unemployment, poverty, regional imbalance, capital deficiency, etc. The world strategy is used in wide sense by covering all types of policy measures closely related to developmental aspects.
What are the Achievements of India’s Five Year Plans?
Following are the important achievements of India’s Five Year Plans –
• Increase in National Income – During the plan period, national income which is one of the important indicator of growth and development has progressively increased a lot. The general growth rate in various plans is less than our target of 5.5% to 6%.
Further 4.5% rate of growth really an achievement compared to less than 1% rate of growth which has existing during pre plan period.
• Increase in per capita Income – The per capita income has grown at an average annual rate 2% per annum. It indicates that, there is an improvement in the standard lo living during the plan period.
The annual growth rate of P.C.I during the 1st and 2nd plan was 1.7 to 1.9%. In 2001-02 the Per Capita Income (P.C.I) at 1993-94 price level, it was increasing up to 4.3%.
• Increase in rate of Capital formation – Capital formation is one of the important aspect of economic development. The rate of capital formation increase from 14.3% to 19.1% in the first plan. In the eight plan it was 24.6% at the end of ninth plan, it was 23.7%.
• Development in Agriculture – Almost all the five year economic planning, huge investment in agricultural sector have been made to strengthen the sector.
The total food grain production in our country has increased from 50.8 million tunes in 1950-51 to 212.0 Millions tones 2001-02 due to the achievement of new technology.
• Industrial Development – Industrial development in the country during plan period becomes prospective and satisfactory to the people of the country. The industrial index (production) based on 1993-94 = 100, has increased from 7.9 in 1950-51 to 167.0 in 2001-02.
• Infrastructure Development – A considerable progress in infrastructure during the plan period has been ascertained to get extent. Specially, the progress of the transport and communication, irrigation, power generation, road ways, highway, etc. are quite considerable.
For eight carrying capacity of railways has been increased from 9.3 crore tones to 44.2 corer tones in 2000-01.
• Employment Generation – In order to remove the magnitude of problem of unemployment extensive special measure in India have been undertaken during the five year plan period.
In the first plan generation of employment was about 16.0 million people. During 1971-81 it was about 25.o million people and during the six five year plan it was 34.0 million people.
Beyond these the various sectors upon which Indian economy planning achieved a lot has been as follows-
• Development of Social Service
• Attainment of Self- Reliance
• Diversification of export and import
• Structural and Institutional change
• Development of Science and Technology
• Price Stability
• Distributive justice etc.
Strategy of economic planning in India (Goals)
In the planned economic development in India, the main emphasis was on economic growth. In order to achieve this objective the planning authority takes there main strategies. They are –
• Developing a sound base for initiating the process of long term growth – The first important strategy is to develop a sound base for the entire economy. First five year plan the government of India has been giving importance on the modernization of agriculture.
During 1960s the govt of India introduced Green Revolution to improve the condition of agriculture. As a result India, achieved self sufficiency in food grains production.
• Development of Infrastructure – During the last 40 years of economic planning the infrastructure facility has attained considerable progress, specially in respect of transportation, irrigation and power sector.
• Industrial Development – Industrial sector of the country has attained a significant progress during the plan period. Several industries like steel, engineering, fertilizer and petroleum recorded a significant progress. As a result industrial index of the country raised significantly.
• Development of Science and Technology – During the plan periods India attained considerable sector in science and technology. As a result India become technologically self reliant in many sectors.
• Development of Social Service – During the plan period, social service like education, health, family, etc. need to developed.
So friends, this was the concept of Five year plans in India goals and achievements. Hope you get the full details about it and hope you like this article.
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