Which five year plan is going on in india

The country will still have Plan documents but they would not adhere to a five year time period. The Five Year Plan is a centralised and integrating national economic programme adopted soon after independence. Currently, the country has is following the 12 th Five Year Plan for the period Sources close to the development claim that the government has made up its mind to continue with only Plan documents that would not adhere to a five yearly cycle.

FYP was first adopted by the erstwhile Soviet Union USSR , which was later followed by many countries especially those that were communist or socialist. Effective implementation of the Plan led to India registering 3. The Commission was tasked with the responsibility of raising the standard of living in the country through proper allocation of resources, increasing production and enabling employment opportunities for everybody.

The Five-Year Plans were centralised and integrated national economic programs. The first such plan was implemented in the Soviet Union in by Joseph Stalin. According to Rajeev Gowda, Chairman of the Research Department of the Congress party, it was freedom fighter Subhash Chandra Bose who first set up a National Planning Committee in and the primary responsibility of this Commission was to utilise the then-limited resources in the country to best possible use.

Also read: Xi has thrown the gauntlet at Modi. He can pick it up like Nehru, or try something new. With the Partition as backdrop, the country reeling with the influx of refugees, severe food shortage and mounting inflation, the First Five-Year Plan was introduced in It focused primarily on the development of the primary sector, specifically agriculture and irrigation.

Drafted by economist K. Raj, the plan was based on the Harrod—Domar model, which suggested that growth was dependent on two things. First, high level of savings since higher savings enabled greater investment and second, a low capital-output ratio that ensured efficient investment and a higher growth rate.

The plan had a target of 2. Gowda explained that the Five-Year Plans were focused on making India self-sufficient, enabled industrial growth and ensured that development went beyond the urban areas and reached the interior parts of the country. Also read: P. Mahalanobis: The father of Indian statistics who introduced concept of planned economy.

If the First Five-Year Plan focused on agriculture and energy, the Second Five-Year Plan focused on the development of the public sector and rapid industrialisation. Drafted by statistician P. Mahalanobis, the Second Plan was also called the Mahalanobis Plan. Reshape Tomorrow Tomorrow is different.

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