List of Five Year Plans of India
- The Modi Govt has ended the five years plans formation. yet, Indian govt has announced 12 five-year plan of India since 1951. now, Modi govt plans to make way for a three-year action plan. In the Modi Cabinet, Niti Aayog takes place of Planning Commission.
1. First Five Year Plan –
- Under the cabinet of Jawaharlal Nehru, the first 5-year plan was prepared for the period of 1951 to 1956. It included the Harrod-Domar model with fewer modifications.
- The main purpose of it was to develop the agricultural sector in India. The First 5-year plan got successful and gained a growth rate of 3.6 per cent.
5 IITs were established in India at the end of this plan.
2. Second Five Year Plan –
- It was prepared under the Jawaharlal Nehru Cabinet and was for the period of 1956 to 1961.
- This plan included the P.C. Mahalanobis Model in 1953.
- The main purpose of it was to develop the industrial sector in India.
- This plan gained a growth rate of 4.27 per cent.
- experts also criticized this plan because India suffered a payment crisis in 1957.
3. Third Five Year Plan –
- The plan was made under Jawaharlal Nehru’s leadership for the period of 1961 to 1966.
- This plan is known as ‘Gadgil Yojna’,
- The main purpose of it was to make the country’s economy independent.
- India faced two wars (1) the Sino-India war of 1962 and (2) the Indo-Pakistani war of 1965. the wars revealed weakness and focus changed to the country’s defence.
- India gained a growth rate of 2.4 per cent which was too behind the target growth rate.
|4th Year plan||Indira Gandhi||1969 -1974||Stability and progressive achievement of self-reliance.|
14 major Indian banks were made nationalized and introduced the Green Revolution
Plan gained a growth rate of 3.3 per cent
|5th Year||–||1974 -1978||focus on Garibi Hatao, employment, justice, agricultural production and defence.|
Minimum Needs Programme (MNP) and the Indian National Highway System